China is reportedly considering a fiscal stimulus package that exceeds 10 trillion yuan ($1.4 trillion) in order to support its economy and address local government debt risks.

This potential initiative may be approved during a meeting of the country's top legislative body scheduled for November 4-8.

The proposed package includes plans to raise 6 trillion yuan in debt over the next three years, starting in 2024, to assist local authorities in managing off-balance-sheet debt.

Additionally, it involves 4 trillion yuan in bonds to finance regional governments' acquisition of unused land and properties over the next five years.

This move reflects China's ongoing efforts to stabilize its economic situation in the face of increasing financial pressures.