By the end of February, local governments had issued 307.8 billion yuan (US$46 billion) of special-purpose bonds, the majority of which will be used for high-profile infrastructure projects. Photo: Xinhua
China to prevent increase in ‘generally controllable’ hidden debt for cash-strapped local governments
- Finance Minister Liu Kun confirms during the National People's Congress the level of total outstanding government debt for 2018 was US$5 trillion
- Local governments are still seeking ‘illegal’ funding as tax revenues fall due to the slowdown in the economy
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China economy
By the end of February, local governments had issued 307.8 billion yuan (US$46 billion) of special-purpose bonds, the majority of which will be used for high-profile infrastructure projects. Photo: Xinhua
It was the second time for Li to set an economic growth range in the last six years since he took office, with the last time China set a ranged target in 1995 when Li Peng was in office and China was just a small dot on the world economic map. Photo: Bloomberg
China’s GDP target range gives government leeway for economic growth ahead of 2019 uncertainties
- Premier Li Keqiang tells National People’s Congress on Tuesday that China will aim to achieve an economic growth this year that falls in a range of 6.0 to 6.5 per cent
- Beijing’s policy efforts geared towards stabilising growth, not stimulus, showing China’s acceptance of a modest slowdown in 2019
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Two Sessions 2019 (Lianghui)
It was the second time for Li to set an economic growth range in the last six years since he took office, with the last time China set a ranged target in 1995 when Li Peng was in office and China was just a small dot on the world economic map. Photo: Bloomberg