"China Prepares $220 Billion Stimulus With Tsunami Of Bond Sales"

Because more debt and more infrastructure spending is exactly what China needs.

The only thing better would be building thousands more apartment and condo towers.

Or:

"If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing."

—Keynes, John Maynard. "Book III: The Propensity to Consume." 

The General Theory of Employment, Interest and Money. 

New York: Harcourt, Brace, 1936. 129.

Related, November 1, 2012: "Frequent Bridge Collapses Help Boost China’s GDP"

...Zhao Wenjin, the lead commentator of Lanzhou Daily, commented on the incident, saying, “With each collapse, we need to reflect: why are we chasing GDP?”
According to a Jingyang Net report, Wang Yang, Party secretary of Guangdong Province, said at a provincial Party meeting in 2009: “Sometimes the GDP number looks good, but it didn’t really create wealth for society. It was, instead, a waste of society’s wealth....

 

Or: "Stunning aerial view of China's longest coal transport route..."

China is still building-out its coal infrastructure.
You didn't believe the "largest developer of renewables" spin did you?

And the headliner from ZeroHedge:

Just as we predicted over a year ago, China - which remains painfully limited in how it can kickstart its slowing economy - is preparing for a massive fiscal stimulus in the form of a tidal wave of local government bond sales.

With growth in the world's second-largest economy faltering especially after China's President Xi Jinping made clear weeks ago that "Covid zero" isn't going anywhere,  there is also "chance zero" that Beijing's 2022 growth target of 5.5% will be achieved because of the lingering threat of new lockdowns. 

China's slowdown recently forced the People's Bank of China to cut key interest rates for long-term loans to cushion the property slump and lockdowns. Meanwhile, as doubts rise that China will rebound like prior economic downturns, policymakers are set for round two of stimulation: an infrastructure splurge. 

Bloomberg reports that China's Ministry of Finance is considering to allow local governments to sell a whopping 1.5 trillion yuan ($220 billion) of "special" local bonds in the year's second half. The people said the bonds would bolster the struggling economy. 

"The bond sales would be brought forward from next year's quota," according to people who asked not to be named because this has yet to be officially announced.

While the issuance of local bonds  - one of the very few places in China's economy where there is excess debt capacity - is nothing new, this would be the first time "the issuance has been fast-tracked in this way, underscoring growing concerns in Beijing over the dire state of the world's second-largest economy ... previously local governments didn't start selling the debt until Jan. 1, when the new budget year begins." 

China is desperate to offset downward pressure on the economy by restoring its old playbook to increase infrastructure spending to cushion the economy in times of economic distress. If the country's legislative body approves the proposal, it would add to the 1.1 trillion yuan ($164 billion) in new support for infrastructure unveiled last month....

....MORE