Xi steps up economic aid with new debt issuance, PBOC visit

Chinese President Xi Jinping stepped up support for the world’s second-biggest economy, issuing additional sovereign debt, raising the budget deficit ratio and even making an unprecedented visit to the central bank.

“The additional fiscal support approved today is the intervention we had been expecting and that was needed to prevent an abrupt fiscal tightening in China in the closing weeks of the year,” said Mark Williams, chief Asia economist at Capital Economics Ltd. The budget revision underlined concerns among top leadership about the economy’s outlook into next year and the government’s increased focus on shoring up the economy and financial markets. Earlier in the day, Xi himself made his first known visit to the nation’s central bank since he became Chinese president a decade ago.

“Relevant authorities should make preparations for the sovereign bond issuance and projects in an active and orderly manner to ensure every penny is managed and used appropriately,” said Zhao Leji, chairman of the Standing Committee. Legislators also renewed through 2027 an authorization for the State Council, China’s cabinet, to front-load some of next year’s local bond quota. Zhao urged for an acceleration in the issuance of new local government notes and the use of the funds raised.

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