China reviews debt swap plan as top legislature meeting begins

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China reviews debt swap plan as top legislature meeting begins - Business Mirror

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.