China Unveils Fiscal Stimulus Targeting Property Market, Local Government Debt

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China’s finance ministry announced a highly anticipated slate of fiscal measures Saturday to boost the sluggish economic recovery. Photo: VCG

China’s finance ministry on Saturday announced policies for local governments to buy land and housing from property developers, and promised intensive support to help localities with their hidden debts, as Beijing levels up stimulus for a slowing economy.

These highly anticipated fiscal measures are expected to complement a slate of monetary and other initiatives announced by the country’s central bank last month to boost the sluggish economic recovery.

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China announced policies to support local governments in acquiring land and housing from developers to boost the economy and assist with hidden debts.
Measures include using special-purpose bonds for acquiring undeveloped land and unsold housing units to manage the real estate market slide and provide affordable housing.
Additional initiatives involve issuing special treasury bonds to boost state-owned banks' capital to enhance credit provision and the real economy.

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