China's President Xi Jinping authorizes a $138bn ultra-long bond program for debt management.

China's President Xi Jinping authorizes a $138bn ultra-long bond program to manage the country's $18tn debt burden, supporting national strategies, construction costs and new industries. Despite banks' successful avoidance of balance sheet implosion, they face poor earnings due to property sector liquidity crisis. China's household debt levels pose a moderate risk to its sovereign rating. Household debt-to-income ratio increased to 115% in 2023, but slow growth has mitigated risks.

June 19, 2024
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