Guess what, world? 🌏 China just dropped some big news! Chinese lawmakers have given the thumbs up 👍 to a State Council bill, raising the local government debt ceiling by a whopping 6 trillion yuan (about $838 billion). This means local governments now have a total of 10 trillion yuan to tackle their hidden debts from recent years. 💰
This move is like a supercharged power-up for the economy! ⚡️ China's Minister of Finance, Lan Fo'an, announced at a press conference on Friday that this is one of the most significant steps the government has taken recently. The goal? To keep the economy rocking steady against challenges coming from all directions. 🌪️
Why is this a big deal? Well, by swapping out old debts, local governments can lighten their financial loads and focus on what's next. It's like clearing out old clutter to make room for new opportunities! 🎉
This initiative is expected to bring a fresh breeze into the economic landscape, supporting development projects and boosting investor confidence. 🌱 So, keep an eye out, because China's economic journey just got a turbo boost! 🚀
Reference(s):
China unveils 10 trillion yuan debt swap program to stabilize economy
cgtn.com
