China unveils US$1.4 tril debt swap to help local govts
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China announced a 10 trillion yuan (US$1.4 trillion) program to refinance local government debt on November 8, 2024; local governments' debt ceiling raised to 35.52 trillion yuan; six trillion yuan in additional special bonds to be issued over three years; four trillion yuan in new special local bond quota over five years; Finance Minister Lan Fo’an stated the swap could save 600 billion yuan in interest payments; outstanding hidden debt was 14.3 trillion yuan at the end of 2023; China's economy grew 4.6% in Q3 2024, the weakest since March; policymakers pivoting towards supportive policies due to economic slowdown; initial signs of improvement in home sales and manufacturing sectors.

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