China reviews plan to increase local government debt

Key Points

A closely watched meeting of China’s parliament on Monday reviewed a proposal to raise the local government debt limit, according to state media.
New debt would go toward replacing hidden debt, the report said, noting that Finance Minister Lan Fo’an spoke at the meeting on the plan.
The standing committee of China’s National People’s Congress is meeting this week and widely expected to approve further fiscal support for the country’s slowing economy.

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