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China's 2024 Fiscal Stimulus and Debt Challenges
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Overview
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China plans to run a budget deficit of 3% of GDP in 2024, with a focus on improving fiscal spending structure. The government aims to issue special sovereign bonds to cover additional expenditures and may also issue off-budget sovereign debt to support the economy. The fiscal stance is influenced by debt-laden local governments, state firms, and the property crisis, with Moody's downgrading China's sovereign rating due to these challenges. The government plans to issue 1 trillion yuan in sovereign bonds for flood-prevention infrastructure by year-end.
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How might China's fiscal stimulus impact global financial markets and investor confidence?
How might the downgrading of China's sovereign rating affect international investment and trade relations?
What measures could China implement to address the debt challenges faced by local governments and state firms?
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