China offers $325 bn in fiscal stimulus for ailing economy [Yahoo! Finance]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Yahoo! Finance
The highly anticipated stimulus came on top of a series of measures announced over the last weeks that have included interest rate cuts and liquidity for banks. Despite the scale of the package, Finance Minister Lan Fo'an said China had the capacity to dig deeper. "At present, we are accelerating the use of additional treasury bonds, and ultra-long-term special treasury bonds are also being issued for use," he said. "In the next three months, a total of 2.3 trillion yuan of special bond funds can be arranged for use in various places," he added. Beijing plans to "issue special government bonds to support large state-owned commercial banks in replenishing core tier-one capital, enhance these banks' risk resistance and credit lending capabilities, and better serve the development of the real economy", Lan said. The debt ceiling of local governments will also be lowered for them to spend more on infrastructure and to help protect jobs. The figure is slightly more than the tw
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