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China will raise local governments’ debt ceiling to 35.52 trillion yuan, which will allow them to issue six trillion yuan in additional special bonds over three years to swap hidden debt, the Xinhua News Agency reported on Friday. The plan approved by the Standing Committee of the National People’s Congress is broadly in line with what economists expected as China seeks to curb financial risks and shore up growth.
The swap is “a major policy decision taking into consideration international and domestic development environments, the need to ensure the stable economic and fiscal operation, and the actual development situation of local governments,” Lan said.
China’s economy grew 4.6% in the third quarter, the weakest pace since March last year, putting in doubt Beijing’s ability to hit its annual expansion target of around 5%. That slowdown prompted policymakers to pivot toward more supportive policies, including interest-rate cuts and help for the stock and real estate markets.
The shift in late September triggered a historic stock rally and driven global banks including Goldman Sachs Group Inc. to upgrade their forecasts for the $18 trillion economy, although Trump’s election victory has fueled calls on Beijing to strengthen policies to boost domestic demand to offset a potential drop in exports due to the president-elect’s tariff threats.
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