Beijing: China’s National People’s Congress (NPC) Standing Committee met Monday to consider a plan to raise local governments’ debt ceilings to transfer some of their off-balance-sheet liabilities to their official accounts. The initiative is aimed at alleviating debt burdens and mitigating fiscal risks as part of broader efforts to bolster the national economy.
According to Anadolu Agency, amidst sluggish economic growth, China is anticipated to unveil a fiscal stimulus package, with projections ranging from 2 trillion to over 10 trillion yuan ($281.7 billion to $1.4 trillion). This move aligns with China’s economic expansion target of approximately 5% for the year.
The 170-member Standing Committee, which holds the authority to make legislative decisions when the NPC is not in session, convened Monday for a week-long session. The agenda includes discussions on fiscal stimulus, internal reforms within the Standing Committee, energy, arbitration, maritime law, and the popularization of science and technolog
y.