Beijing okays second batch of debt swaps, doubling size to 2 trillion yuan
It's trying to rationalise local government spending without damaging growth and investment too much
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Shanghai
CHINA'S finance ministry said on Wednesday it has approved a second batch of local government debt swaps worth one trillion yuan (S$216 billion), doubling the size of the existing swap programme announced in March.
As growth has slowed in 2015, Beijing has been walking a fine line, trying to simultaneously rationalise often inefficient local government spending without damaging growth and investment too much. The result has been a sometimes seemingly contradictory fiscal policy mix.
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