HONG KONG/SHANGHAI -- China's top legislature on Friday said it will increase the limit of local government bonds to replace hidden debt, bringing the total value of the program to 10 trillion yuan ($1.4 trillion) and taking another step to reinvigorate the world's second-largest economy.
The National People's Congress Standing Committee signed off on a 6 trillion yuan increase after a five-day conclave -- held just as Donald Trump's U.S. election victory raised a threat of higher tariffs. Anticipation has been running high for stimulus measures to help China achieve this year's gross domestic product growth target of around 5%.
