CandleFocus While the Great Surge in Bitcoin Continues, $1.4 Trillion Earthquake News from China
2024-10-29
Author: Content Editor
China is reportedly considering a fiscal package worth over 10 trillion yuan ($1.4 trillion) to stabilize its economy. The plan, expected to be approved by the National People's Congress, includes 6 trillion yuan of special government bonds to target local government debt. The proposed package would be financed by special treasury and local government bonds, amounting to more than 8% of China's GDP. The timing of the meeting could allow for adjustments if former President Donald Trump wins the US elections. This follows monetary measures implemented by the central bank in September. Additionally, the NPC may approve up to 4 trillion yuan in special-purpose bonds to purchase idle land and property. The focus is on stabilizing the financial system, supporting domestic demand, and addressing hidden debt burdens.
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