China reviews debt swap plan as top legislature meeting begins

Quick Summary:

China’s top legislative body reviewed a proposal to move some off-balance-sheet debt of local governments to their official accounts, paving the way for the first mid-year increase in the borrowing limit since 2015.

The announcement on Monday is “good news because at least we will have local government bonds refinancing, and it will boost the expectation of other measures,” said Kenny Wen, head of investment strategy at KGI Asia.“But we still do not know the size and timing,” he said, adding that investors will be in a “wait-and-see” mode, especially ahead of the US election.

Bloomberg News reported previously that China was considering allowing local authorities to issue as much as 6 trillion yuan in bonds through 2027 to refinance their hidden debt.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Bloomberg

Category: BusinessStartups

Markets: PhilippinesAustraliaChinaNew Zealand

Topics: Measures Market Year Government Swap News Trillion Hidden Fiscal Local Debt

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 11:23:17 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 982 words

Reading Time: 6 minutes read

Sentences: 27 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23430115

View Article Analysis

About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 74 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 8 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

Publisher Details

Frequently Asked Questions