TMTPOST -- China has unveiled a 6 trillion yuan ($839 billion) initiative aimed at refinancing local government debt, as Beijing introduces further measures to bolster a slowing economy amid potential challenges from Donald Trump’s reelection. According to the Xinhua News Agency, China will increase the debt ceiling for local governments to 35.52 trillion yuan. This expansion will permit the issuance of an additional 6 trillion yuan in special bonds over the next three years, designated for swapping hidden debt. The plan, approved by the Standing Committee of the National People’s Congress, aligns with economists' expectations as China works to mitigate financial risks and support economic growth.