China's government is addressing urgent financial challenges by allocating approximately $1.4 trillion to assist local governments with their debt issues. While these measures are a step towards stabilizing the financial system, experts argue that more comprehensive reforms are essential for sustainable economic growth.
China's parliament standing committee is reviewing a proposal to increase the local government debt limit, aimed at replacing hidden debt, as local authorities face financial struggles due to declining land sale revenues. Finance Minister Lan Fo’an indicated that an additional debt quota of around 10 trillion yuan could be approved, potentially rising to 15 trillion yuan if economic challenges worsen. The committee, led by Chair Zhao Leji, is expected to finalize decisions on further fiscal support for the slowing economy by the end of the week.
China's parliament will convene from November 4 to 8, with expectations of announcing fiscal stimulus details. The meeting follows a call for enhanced fiscal and monetary policies, as local governments face challenges, and analysts predict support will prioritize them over direct consumption boosts. China's economy grew 4.8% in the first three quarters, slightly below the 5% target for 2024.
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