China unveils $839-B plan to refinance local government debt and boost economic growth

Quick Summary:

BEIJING—China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second largest economy.

He estimated that the amount of hidden debt will drop to 2.3 trillion yuan ($320.9 billion) by the end of 2028.

Government officials have indicated that could come at this week’s meeting of the Standing Committee of the National People’s Congress, which must give official approval to any new spending.

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Author / Journalist: Ken Moritsugu & Zen Soo | The Associated Press

Category: BusinessStartups

Markets: PhilippinesChinaHong Kong

Topics: Largest Local Trillion Friday Economy Year Party Yuan Debt Government Ones

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 14:01:40 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 500 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Mirror

News ID: 23470643

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