Authorities in Beijing have ramped up stimulus announcements since late September in an effort to bolster its flagging economy.
China on Friday announced the central government would allocate an additional 6 trillion yuan to local governments for tackling hidden debt issues.
It was widely expected that Beijing would unveil more stimulus after its parliament ended a five-day meeting.BEIJING – China on Friday announced the central government would allocate an additional 6 trillion yuan to local governments for tackling hidden debt issues. Lan added that starting this year, central authorities would issue 800 billion yuan a year in local government special bonds over five years, for a total of 4 trillion yuan.
It was widely expected that Beijing would unveil more stimulus after its parliament ended a five-day meeting.has already cut several interest rates, major increases in government debt and spending requires approval by the country's parliament, called the National People's Congress.
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