"The highly anticipated announcement... is an effort to bolster cash-strapped local governments, including those of cities and towns, but economists say the initiative will not be enough to address underlying issues and inject real momentum."
"Lan said the new stimulus plan was a 'major decision' and would ensure the 'smooth operation of the economy and finance, and the actual debt reduction of local governments,' according to an official transcript of the news conference."
"The announcement comes amid a gloomy year for the Chinese economy, which is struggling to rebound from draconian 'zero-covid' policies implemented by Beijing during the pandemic."
"Local government debt has ballooned in recent years as China's crumbling property market has caused a cash crisis for local governments."
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