China's local governments are set to receive 6 trillion yuan to refinance hidden debts, aimed at alleviating economic strains and stimulating growth amidst a property crisis.
The economic rescue plan, unveiled shortly after Trump's election, includes provisions for local governments to access 4 trillion yuan in special bonds, reflecting a proactive stance toward fiscal policy.
Chinese Premier Li Kiang underscored the commitment to economic revitalization by stating that Beijing has 'ample space for fiscal policy and monetary policy' in light of looming external fiscal pressures.
Local governments have accumulated an estimated 60 trillion yuan in hidden debts, with the International Monetary Fund warning this poses a significant risk to China's overall economic stability.
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