China unveiled a 10 trillion yuan ($1.40 trillion) debt package on Friday to ease local government financing strains and stabilize flagging economic growth, as it faces fresh pressure from the re-election of Donald Trump as US president.
The measures confirm last week's Reuters report, and mark a departure from the all-out stimulus strategies to revive growth China has deployed in the past. They aim to repair municipal balance sheets as a longer-term objective, rather than directly inject money into the economy.
Finance Minister Lan Foan said more stimulus was coming, with some analysts saying Beijing may not want to fire all its weapons before Trump takes over officially in January.
In an apparent reaction to the US election and the intensifying risks to trade, state media CCTV reported that China's cabinet on Friday approved expanding coverage of export credit insurance and will step up support for trade firms.
But for now, those investors who speculated on a fiscal bazooka may be disappointed.
This story is from the November 09, 2024 edition of Business Standard.
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This story is from the November 09, 2024 edition of Business Standard.
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