China Announces $283 Billion Stimulus with Special Bonds to Revive Economy on October 14

Oct 12, 2024, 02:58 AM

China's Ministry of Finance has announced a significant fiscal stimulus package aimed at reviving the country's slowing economy. Finance Minister Lan Fo'an revealed that China will issue 2.3 trillion yuan ($283 billion) in special bonds over the next three months. This package, announced on Saturday, October 14, is designed to support local governments, the property market, and state banks. The measures include increasing the debt ceiling for local governments, providing special-purpose bonds to buy unsold homes, and addressing hidden debts. Despite the substantial figures, the announcement lacked detailed plans, leaving investors wanting more specifics. The fiscal stimulus is expected to alleviate local government debt risks and bolster economic growth.