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China to raise local government debt ceiling by $840 bn to boost economy: State media

World News

08-11-2024 | 03:29

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China to raise local government debt ceiling by $840 bn to boost economy: State media

China's top lawmakers have approved a proposal to increase the debt ceiling for local governments by $840 billion, state media said Friday as a key meeting wrapped up in Beijing.

Broadcaster CCTV described the move as China's "most powerful debt reduction measure in recent years," adding the move would free "up space for local governments to better develop the economy and protect people's livelihood."

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