Beijing has unveiled a 10 trillion yuan ($1.4 trillion) package to allow local governments to refinance their hidden debt, approved by China’s rubber-stamp legislature at the end of its five-day meeting on Friday.
China’s local governments will have access to 6 trillion yuan ($836 billion) in new special-purpose bonds over the next three years and a repurposed 4 trillion yuan ($557 billion) budget—originally approved for infrastructure projects—over five years.
