China Promises Economy Boost, Crackdown On Local Government ‘Hidden’ Debt
Beijing’s Finance Ministry announced grand plans to resurrect the country’s economy by streamlining policy financing, exploiting local government special bonds and clamping down on local governments hiding off-balance sheet debt financing.
Tuesday’s statement comes after China’s cabinet revealed a multi-billion dollar stimulus package aimed at stabilizing employment levels and prices.
Revenues rose in June after 25 provinces relaxed Covid regulations to turn around decline in the previous two months, with infrastructure spending also in the pipeline.
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