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China Announces 2.3 Trillion Yuan Debt Increase to Aid Economy, Property Market; Investors Unimpressed
Oct 12, 2024, 02:44 AM
China's Finance Minister Lan Fo'an announced plans to significantly increase government debt issuance to revive the slowing economy and support the struggling property sector. At a press conference on Saturday, Lan stated that China would issue special treasury bonds to bolster the capital of large state-owned commercial banks, enhancing their risk resilience and lending capacity. The government will allow local governments to issue bonds to purchase unsold homes, aiming to stabilize the ailing property market. Lan revealed that local governments have 2.3 trillion yuan ($325 billion) of special bond funds available for the rest of the year. While emphasizing that there is 'significant room' to increase debt and the deficit, the announcement lacked specific stimulus amounts and detailed plans, leaving investors underwhelmed and questioning whether the measures would be sufficient to stabilize fragile investor confidence and stimulate growth. Officials indicated that other policy tools are under study and that future policy steps could be expected.
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