China is thinking of issuing $1.4 trillion in extra debt in the next few years, a fiscal package further bolstered in a Trump presidency, Reuters reports.
China is considering approving next week the issuance of over 10 trillion yuan in extra debt in the next few years to revive its fragile economy, a fiscal package which is expected to be further bolstered if Donald Trump wins the U.S. election, said two sources with knowledge of the matter.
Reuters is confirming for the first time that the Chinese authorities are contemplating approving the 10-trillion-yuan stimulus package, an amount that financial analysts have said in recent weeks they expect Beijing to consider. China's top legislative body generally holds its meeting every two months — in the second half of even-numbered months. As per the parliament's 2024 work agenda, released in May, a standing committee session was planned for October.
Republican candidate Trump has gained in recent polls to erase much of the early advantage of his Democratic opponent, Vice President Kamala Harris. Trump has vowed to impose 60% duties on imports from China. Special-purpose bonds are a tool for off-budget debt financing used by Chinese local governments, with the proceeds raised typically earmarked for specific policy objectives, such as infrastructure expenditures.
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