China Allocates 550B Yuan in Debt
China has allocated 550 billion yuan in unused government debt quotas to support local finances and expand infrastructure investment. The policy push aims to help the economy reach its annual growth target amidst weak domestic consumption and a property downturn.
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China allocated 550 billion yuan ($82 billion) in unused government debt quotas on Friday morning to support local government finances and expand infrastructure investment. The step follows a run of soft economic readings that piled pressure on efforts to attain this year's growth target of 4.5% to 5%. Beijing is attempting to counter tepid domestic demand and a prolonged property downturn that have offset momentum in high-tech sectors.
