Streets of Beijing
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Beijing Unveils Plan to Ease Hidden Local Debt but Holds off on Fiscal Stimulus

Key Takeaways

  • China’s NPC Standing Committee last week approved a plan to relieve local governments from repaying RMB 12 trillion worth of hidden debt.
  • The plan did not authorize new stimulus funding, despite market expectations that it would.
  • Officials emphasized that there is still ample space for further fiscal and monetary policy in the future.

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