John Rewich
Appearances
NPR News Now
NPR News: 11-09-2024 9PM EST
The leaders of China's parliament approved a bill that raises the ceiling for special bond issuance by local governments. They also approved further financing for debt swaps at the local level. In all, the measures will allow local governments to issue a combined 10 trillion yuan, or about $1.4 trillion, in fresh bonds in the coming years.
NPR News Now
NPR News: 11-09-2024 9PM EST
The money will be used to pay down off-balance sheet debt that's been crippling local governments around the country and hurting the national economy. The debt swaps are expected to save local governments around $84 billion in interest over the coming five years. It's the latest in a series of steps to shore up the economy in the face of mounting challenges,
NPR News Now
NPR News: 11-09-2024 9PM EST
and now increased uncertainty with the coming of a second Trump administration. John Rewich, NPR News, Shanghai.