Beijing Unveils $1.4 Trillion Local Bailout
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deeper economic challengesSemafor
•China announces trillion-dollar bailout as debt crisis looms | Semafor
87% Informative
Beijing unveiled a $1.4 trillion bailout for local governments, part of efforts to ward off a looming debt crisis and kickstart a moribund economy.
The funds will help provincial authorities refinance a huge pile of loans that had left many struggling to provide basic services and pay civil servants.
Though a huge sum, it fell short of analysts’ hopes for a broader package targeting Chinaâs deeper economic challenges, ranging from a collapsing real-estate sector to high levels of youth unemployment.
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