Reuters with this.Citing sources on what took place at the annual Central Economic Work Conference behind closed doors on Monday and Tuesday this week.
- China to run a budget deficit of 3% of gross domestic product in 2024, other fiscal support may be covered by off-budget debt
- that 3% deficit figure is lower than this year's revised 3.8% target, with the option to issue off-budget sovereign debt giving flexibility to step up stimulus
- special sovereign bonds could be issued to pay for extra expenditures as needed, could amount to 1 trillion yuan ($140.16 billion).
- All three sources who spoke with Reuters after the annual meeting confirmed China was likely to target growth of around 5% in 2024.
China's pull back for massive fiscal stimulus continues. This is not the stimulus that markets are (still) looking for, but its been petty clear China has changed to smaller steps.
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