China considers approving fresh fiscal package worth over CNY10 trln on Nov 8

Citing two sources with knowledge of the matter, Reuters reported on Thursday that China's top legislative body is considering approving a fresh fiscal package which could be worth over 10 trillion (trln) Yuan on November 8.

Additional takeaways

China plans to approve the raising of fresh 10 trillion Yuan debt via special treasury and local government bonds in the next few years.

The fiscal package would include proceeds worth 6 trillion Yuan to address local governments' debt risks and up to 4 trillion Yuan to acquire idle land and properties.

China might announce a stronger fiscal package if the Republican nominee Donald Trump wins the November 5 US presidential election.