China's top legislative body, the standing committee of the National People's Congress (NPC), approved a bill on raising ceilings on local government debt during a meeting from Nov. 4 to 8, said Xu Hongcai, vice chairman of the financial and economic affairs committee of the NPC.

The outlook is grim for the world’s second largest economy, with growth slowing and the prospect of a new trade war following Donald Trump’s electoral victory.

Chinese authorities are expected to unveil details of a fiscal stimulus package on Friday in their continued bid to stabilize the world’s second-largest economy. The task is more urgent given how the trade war could escalate if President-elect Donald Trump follows through on his proposals to hit China with higher tariffs.

The measures aim to repair municipal balance sheets as a longer-term objective, rather than directly inject money into the Chinese economy

China gave indebted local governments a 10 trillion yuan ($1.4 trillion) lifeline but stopped short of unleashing new stimulus, preserving room to ... onto public balance sheets at a press briefing in Beijing on Friday. Funds for that program ...

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