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Morning Bites (part 1)

🇨🇳China is to provide CNY 10tn (USD 1.4tn) of support for indebted local governments until 2028, Bloomberg reports. Such an increase in the debt limit would allow regional authorities to issue CNY 6tn in special bonds until 2026 to swap for hidden debt, in addition to the CNY 4tn in special bond quota to be approved in tranches over five years

Although Chinese policymakers have not announced any direct measures to stimulate domestic demand, Finance Minister Lan Fo’an has promised a more forceful fiscal policy in 2025, when officials could have greater clarity on changes in trade relations with the US

In our view, the YTD announced stimulus is likely to offer some support for the demand for industrial metals in 2025, but more action is still required for a full-scale recovery in construction activity

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