First up, two from Reuters via XM:
CHINA FINANCE MINISTER LAN FOAN: WILL SUPPORT LOCAL GOVERNMENT TO RESOLVE EXISTING DEBTS
China will support local governments to resolve their debt issues, Finance Minister Lan Foan said on Saturday, adding that local governments have 2.3 trillion yuan ($325.47 billion) in debt funds to spend in the last three months of this year.
Fiscal stimulus measures in China have been the subject of intense speculation in financial markets after a September meeting of the Communist Party's top leaders, the Politburo, signalled an increased sense of urgency about mounting economic headwinds.
And a bit later:
CHINA FINANCE MINISTRY VICE MINISTER, ON REAL ESTATE SUPPORT: WILL ALLOW LOCAL GOVERNMENTS TO USE DEBTS TO BUY UNUSED LAND
China will allow local governments to use debt to buy unused land to support the property market, the finance ministry said on Saturday.
The finance ministry said 2.3 trillion yuan ($325.47 billion) for local government spending in the last three months of 2024 includes debt quotas and unused funds.
If interested Bloomberg is doing a live-blog:
Follow China’s Finance Ministry Briefing on Stimulus: Live Blog
- China allows special local bonds to be used for unsold home purchases
- Chinese finance minister says there’s room to increase debt, budget deficit
- Briefing comes amid hopes for fresh stimulus to boost growth, confidence
- Action follows Sept. 24 rate cut, other measures from PBOC
....MUCH MORE
