Economics
China Urges Local Governments to Spend More to Counter Slump
- Premier Li reiterates economy faces new downward pressures
- State Council says special bond sales must be speeded up
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China’s State Council called on local governments to sell more special bonds this year in order to boost investment amid a slowdown in the economy.
Premier Li Keqiang chaired a meeting of the State Council, China’s cabinet, on Wednesday, urging local governments to have more ongoing construction of projects at the beginning of next year, the official Xinhua News Agency reported. It also called on them to make better use of proceeds from special bonds to expand domestic demand.