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China Continues Hamiltonian Growth Policy of ‘Control by Credit’

The total of national credit issued by Chinese government institutions for domestic infrastructure, industry, and housing construction in 2023 will be roughly 4 trillion yuan or almost $600 billion equivalent, in order to drive economic recovery from all of the impacts of the COVID-19 pandemic and China’s life-preserving actions against it.

Global Times reported that on Nov. 17 the National Development and Reform Commission, Ministry of Finance, and other government agencies announced the “working mechanism” to guide issuance of another 1 trillion yuan (equivalent to $140 billion) in national government bonds in the final quarter of the year, of which half will be used in that quarter, and the other half in the coming year. Their purpose is to support rebuilding of areas struck by national disasters during the Spring-to-Autumn period, and to increase the disaster relief capacities of the nation.

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