China don announce big plan to issue special bonds to help their economy wey dey struggle. Finance Minister Lan Foan talk say dem go issue 2.3 trillion yuan (about $325 billion) in special bonds for the next three months to boost the economy.
Dis plan include support for local governments, low-income citizens, the property market, and state banks. Lan Foan say dem go use the bond funds to help local governments tackle their debt problems, subsidize purchases of home appliances and other goods, and even give monthly allowance to households with two or more children.
China dey face strong economic challenges, including sharp downturn in the property market and weak consumer confidence. The country’s economy, which be the second largest in the world, dey over-rely on exports, and global trade ties dey become more tense.
In addition to the bond issuance, China central bank don announce several monetary support measures, including interest rate cuts and increased liquidity for banks. Major banks in China also announce plans to lower interest rates on existing mortgages starting from October 25.
Analysts say while these measures dey help lift Chinese share prices, Beijing still need to address more deeply-rooted structural issues like boosting consumption and reducing over-reliance on debt-fuelled infrastructure investment.
