China to issue $325 billion in bonds to boost economy: Video
China announced on Saturday, October 12, a substantial fiscal support package worth $325 billion aimed at revitalising its economy over the next three months.
This initiative, the largest since the global financial crisis, seeks to bolster banks, stabilise the property market, and stimulate consumer spending.
The stimulus comes in addition to a series of measures implemented in recent weeks, including interest rate cuts and enhanced liquidity for banks. Finance Minister Lan Fo'an emphasised that the government is prepared to extend its support further.
Lan stated that a total of 2.3 trillion yuan in special bond funds would be allocated for various projects nationwide. The government plans to issue special bonds to help major state-owned commercial banks strengthen their core capital, enhancing their ability to manage risks and support the real economy.
Additionally, local governments will see their debt ceilings lowered, allowing them to invest more in infrastructure and job protection, the AFP reports.
