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China's 2024 Budget Gap and Special Debt
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Overview
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China's leaders have agreed to run a budget deficit of 3% of GDP in 2024, with plans to issue special sovereign bonds to cover additional expenditures. The government aims to maintain fiscal discipline while providing necessary stimulus to support the economy. The fiscal stance is influenced by concerns over debt-laden local governments and state firms, as well as the property crisis. Ratings agency Moody's downgraded China's sovereign rating due to these challenges.
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How does Moody's downgrading of China's sovereign rating reflect the country's fiscal situation and potential risks?
How might China's decision to issue special sovereign bonds impact its debt position and economic stability?
What strategies could China employ to address the challenges of managing local government debt and the property crisis?
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