0507 GMT - China could unveil a fiscal package of 9 trillion yuan at the National People's Congress Standing Committee meeting this week, Natixis economists Alicia Garcia Herrero and Jianwei Xu say. A large portion of that package could be allocated to swapping the debt of local government financing vehicles with official debt, the economists say. The magnitude of fiscal spending growth will likely be small compared to 2008, they say. "With a more developed economy and fewer investment opportunities, the government must balance diminishing returns and prudent debt management," they say. Beijing's priority should be to "prevent a hard landing" for the economy and cautiously expand the fiscal deficit rather than aggressively pursuing a high growth rate, they add. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
November 06, 2024 00:07 ET (05:07 GMT)
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