China Approves $1.4 Trillion Debt Relief Package To Stabilize Economy, Investors Expected More

Quick Summary:

Lan revealed that, as of the end of 2023, China had a massive hidden debt balance of 14.3 trillion yuan ($1.99 trillion).

By 2028, Officials aim to slash that amount to 2.3 trillion yuan ($320 billion).“It may be disappointing for those who were expecting the NPC meeting to approve a massive fiscal package.

The world’s second-largest economy has faltered over the past year, facing strong deflationary pressures amidst weak demand, a property crisis, and mounting financing strains on local governments.

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Author / Journalist: Nidhi Kolhapur

Category: Crypto

Markets: United StatesChina

Topics: News Crypto news Crypto Regulations

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 15:22:05 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: coinpedia.org

Language: English

Article Length: 604 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Coinpedia

News ID: 23471334

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