Xi steps up economic aid with new debt issuance, PBOC visit – The Australian Financial Review

Chinese President Xi Jinping stepped up support for the worlds No. 2 economy, issuing additional sovereign debt, raising the budget deficit ratio and even making an unprecedented visit to the central bank.

The nations legislature approved a plan to raise the fiscal deficit ratio for 2023 to about 3.8 per cent of gross domestic product, the official Xinhua News Agency said on Tuesday well above the 3 per cent set in March which the government has generally considered a limit for the nation. The plan includes issuing additional sovereign debt worth 1 trillion yuan ($217 billion) in the fourth quarter to support disaster relief and construction.