China's Standing Committee of The People's Congress has approved a a 6 trillion yuan ($839 billion) program to refinance local government debt. As part of the program, the country will raise the debt ceiling of local governments to 35.52 trillion yuan. This will allow various local governments to use the issued six trillion yuan in additional special bonds to swap the hidden debt. How will this debt swap plan aid China's economic growth? Will this move mark a return of new investors to the Chinese market?
#yuan #chinanews #chinamarket
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