26.5 C
New York
June 7, 2025
Asia Pacific Business China Chinese economy Economics Global economy news World news

China unveils 10tn yuan support for debt-stricken local government

China unveils 10tn yuan support for debt-stricken local government

Cash stops short of hoped-for ‘bazooka option’, with critics calling it ‘an accounting exercise’ that will not bolster growth

China has announced 10tn yuan in debt support for local governments and other economic measures, but stopped short of the “bazooka” stimulus package that many analysts had expected.

The fiscal package included raising debt ceilings for local governments by 6tn yuan (£646bn) over three years, so they could replace hidden debt, which authorities said stood at 14.3tn yuan by the end of 2023.

Continue reading…

Related posts

Libya’s central bank ‘suspends operations’ after official abducted

TheWorldsNews

New Zealand North Island braces for ‘potentially devastating’ weather as Cyclone Gabrielle barrels towards region

TheWorldsNews

Australia to strike new funding deal with Papua New Guinea to manage transferred asylum seekers

TheWorldsNews

Pin It on Pinterest

Share This