China Reviews Plan to Refinance Local Governments' Hidden Debt [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The National People's Congress Standing Committee held a meeting on Monday morning, where it discussed a plan to lift local governments' debt ceiling to swap out their hidden debt, according to the official Xinhua News Agency. Investors are closely watching the legislative meeting from Nov. 4-8 for signs of new stimulus measures to revive the world's second-largest economy. Economists expect lawmakers to approve a program to swap so-called hidden debt over several years, with forecasts ranging from about 6 trillion to 10 trillion yuan. The move was telegraphed by Finance Minister Lan Fo'an, who announced last month that China would soon launch its biggest effort in years to address risks from local government debt. The International Monetary Fund estimated there was about 60 trillion yuan ($8.5 trillion) of local hidden debt as of last year. Bloomberg News reported previously that China was considering allowing local authorities to issue as much as 6
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