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UK Prime Minister Keir Starmer met with Chinese President Xi Jinping at the G20 summit, advocating for "consistent, durable" relations focused on trade, economy, and climate. This marks the first leader-level meeting since 2018, aiming to revitalize UK-China ties after years of tension. Starmer emphasized the importance of predictable relations and plans for further economic dialogue, while Xi acknowledged the potential for cooperation between the two nations.
China has launched a 10 trillion yuan ($1.4 trillion) initiative to refinance local government debt, aiming to bolster a slowing economy amid new challenges. The plan raises the debt ceiling for local governments to 35.52 trillion yuan, enabling the issuance of 6 trillion yuan in special bonds over three years to address hidden debt. Additionally, local governments can access another 4 trillion yuan in new special bond quotas over five years for the same purpose.
China's top legislative body is reviewing a proposal to transfer some off-balance-sheet debt of local governments to their official accounts, aiming to alleviate their financial burden. The National People’s Congress Standing Committee discussed plans to raise the debt ceiling to facilitate this swap during a meeting on Monday.
China's top legislative body will convene in Beijing from November 4 to 8, with investors keenly anticipating potential fiscal stimulus measures to address the slowing economy. The Standing Committee of the National People’s Congress will review a State Council report on financial work and discuss various draft laws concerning mineral resources, energy, and anti-money laundering.
Xinhua News Agency
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