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China To Raise LG Debt Ceiling By $840bn To Boost Economy— State Media

The move has been described as China's "most powerful debt reduction measure in recent years.

By Channels Television
Updated November 8, 2024
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This file photo taken on November 20, 2015 shows Chinese flags next to a worker clearing a conveyer belt used to transport coal, near a coal mine at Datong, in China’s northern Shanxi province. – China’s surprise pledge to slash its carbon footprint to zero by 2060 was met with cautious applause, but fresh spending on coal to rev up a virus-hit economy threatens to nullify its audacious bid to lead the world into a low carbon future. (Photo by GREG BAKER / AFP) / TO GO WITH China-coal-environment-pollution-climate, FOCUS

 

China’s top lawmakers have approved a proposal to increase the debt ceiling for local governments by $840 billion, state media said Friday as a key meeting wrapped up in Beijing.

Broadcaster CCTV described the move as China’s “most powerful debt reduction measure in recent years”, adding the move would free “up space for local governments to better develop the economy and protect people’s livelihood”.

 

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AFP

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