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How China’s Government Plans to Spend 28.5 Trillion Yuan in 2024

Key Takeaways

  • At the Two Sessions Conference, China released its 2024 government budget. Generally conservative, it provides support for supply side reforms outlined in the Government Work Report.
  • Increases in central expenditures track with prior years. New tools such as ultra-long-term bonds were introduced to provide further support to sci-tech innovation.
  • The central government has pledged to take on more local debt obligations, a signal that China’s planners are increasingly concerned about local debt.

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