China Ministry of Finance:

🔥Local debt risks under control = paves the way for government to increase its balance sheet significantly to help the economy.

🔥RMB 2.3 TRILLION of special bonds made available for the rest of the year. That's just in 4Q.

🔥Will issue treasury bonds to beef up major banks' T1 capital.

🔥Sizeable one-time quota for hidden debt swap. Likely targeting property market and local government financing units.

🔥Special bonds to buy up unsold homes and unused land. (A carry over of previous plan to spend $41.6bn to buy unsold homes).

🔥To boost student subsidies to increase consumption. (Appears they seek to address the soaring cost of education in China through subsidies instead of clamping down on private tutoring).