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

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

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.