On November 8, 2024, China announced a significant financial initiative aimed at addressing local government debt, approving a program worth 6 trillion yuan (approximately $839 billion). This measure comes as part of the government's broader efforts to support a slowing economy, which is facing new uncertainties following the reelection of Donald Trump.
The plan was reported by the Standing Committee of the National People's Congress and disclosed by Xinhua News Agency. While specific details were limited, the announcement is expected to provide a clearer outlook for investors who have been anticipating comprehensive fiscal measures from Beijing to bolster economic confidence.