China’s economy in shambles, announces $1.4 trillion debt bailout.

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BEIJING — China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues.

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The program takes effect this year and will run through the end of 2026, Chinese Minister of Finance Lan Fo’an told reporters. That breaks down to around 2 trillion yuan a year.

Lan added that starting this year, central authorities would issue 800 billion yuan a year in local government special bonds over five years, for a total of 4 trillion yuan.

The policies will reduce hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, Lan said.

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It was widely expected that Beijing would unveil more stimulus after its parliament ended a five-day meeting.

https://www.msn.com/en-us/news/world/china-announces-14-trillion-over-five-years-to-tackle-local-governments-hidden-debt/ar-AA1tJgVV