Here's what you need to know about China's $1.4 trillion debt package

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Here's what you need to know about China's $1.4 trillion debt package - Business Standard

Quick Summary:

Officials estimate swapping hidden for official debt will save 600 billion yuan in interest for local governments over five years.

While the debt swap programme unclogs money pipes to the real economy, it marks a departure from the fiscal packages China unleashed during past episodes of economic slowdown or market turmoil, when vast sums were spent on urbanisation and infrastructure.

Beijing said local officials responsible for reckless borrowing would be investigated and held accountable and that China will speed up LGFV reforms to better control debt.