China adds 6 trillion yuan to write off hidden debt and promises more stimulus – how it happened

China’s top legislative body, the Standing Committee of the National People’s Congress, ended its weeklong session days after Donald Trump was confirmed as president. next President of the United States. A press conference was held shortly after the meeting.

Expectations were high ahead of the session for a massive fiscal stimulus plan, as changes to the national budget or fiscal deficit ratio require legislative approval.

The hotly anticipated stimulus to be used to help the country reach its gross domestic product growth target of “around 5 percent” may not be as large or immediate as initially expected. After two quarters of contraction, the world’s second-largest economy showed signs of recovery, according to the official Purchasing Managers’ Index. return to expansion territory in October.