Cash stops short of hoped-for ‘bazooka option’, with critics calling it ‘an accounting exercise’ that will not bolster growth
China has announced 10tn yuan in debt support for local governments and other economic measures, but stopped short of the “bazooka” stimulus package that many analysts had expected.
The fiscal package included raising debt ceilings for local governments by 6tn yuan (£646bn) over three years, so they could replace hidden debt, which authorities said stood at 14.3tn yuan by the end of 2023.
About Author
More Stories
Ian Botham saved from crocodile-infested waters by Ashes rival Merv Hughes
Elephants can wash with a hose – and sabotage shower time, scientists say
Relationship between UK and Ukraine ‘has worsened since Labour won election’