China has announced a Rmb10tn ($1.4tn) fiscal package to help shore up its faltering economy, as it braces for increased trade tensions with the US under Donald Trump.
Authorities have said they will issue a total of Rmb10tn in bonds over three to five years, allowing China’s heavily leveraged local governments to restructure their finances, officials announced at a press conference on Friday presided over by finance minister Lan Fo’an.
But the officials did not announce additional measures to directly stimulate domestic demand, potentially disappointing markets that had been hoping the package would also help consumers.
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