Local governments have been weighed down by trillions of dollars of debt
China’s lawmakers will begin a week-long session on Monday that is expected to approve the country’s largest fiscal package since the pandemic to boost confidence in the world’s second-largest economy. Beijing has yet to indicate the scale of the measures, but finance minister Lan Fo’an last month promised it would help resolve some of the trillions of dollars of debt weighing down China’s cash-strapped local governments.
China’s deputy minister of finance Liao Min said in Washington late last month that the package would involve “a series of powerful measures” to resolve debt problems at local governments, which were heavily reliant on land sales until the country’s property bubble burst in 2021. He said the policies would also aim to stabilise the real estate market and spur domestic demand with schemes to encourage industry to upgrade its equipment and consumers to replace home appliances and other goods.
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