China plans over 10 trillion yuan in new debt to support economy

China is set to approve over 10 trillion yuan in new debt next week to boost its struggling economy. This plan marks a significant shift in fiscal strategy, focusing on local government debt and financial stability. Analysts express mixed views on the stimulus. Some believe it will help local governments manage debt but may not significantly boost economic demand. Others highlight that the impact will depend on how the funds are utilized. The proposed package aligns with market expectations, aiming to address key economic issues. However, concerns remain about its effectiveness in stimulating growth and improving consumer confidence.