4 sources·Business

China Unveils $1.4 Trillion Debt Rescue Program Amid Trump Presidency

China announces a significant debt relief initiative for local governments, coinciding with Donald Trump's presidential victory and looming trade tensions.

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Updated: Nov 8th, 2024, 6:15 AM ET

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In response to economic challenges and the recent U.S. election, China has introduced a massive $1.4 trillion debt relief plan for local governments, targeting hidden debts. The plan aims to alleviate financial pressure caused by the pandemic and falling revenues. However, analysts warn that Trump’s return to the White House may escalate trade tensions, further complicating China's economic recovery efforts. The initiative, unveiled by Finance Minister Lan Fo’an, includes provisions for new bonds and aims to reduce hidden debt significantly by 2028.

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