China unveils $1.4 trillion plan to support local governments' debt management

China has announced a $1.4 trillion plan to help local governments manage their debt. The plan includes refinancing 6 trillion yuan of hidden debt over three years and allows local governments to issue 4 trillion yuan in special bonds over five years. This initiative comes as local governments struggle with significant debt, estimated at 60 trillion yuan. The announcement follows a meeting of China's top legislative body and aims to address economic challenges, including a property crisis and high youth unemployment. The timing of the plan coincides with Donald Trump's recent election victory, which may impact trade relations between the U.S. and China. Analysts suggest that while this stimulus is substantial, more may be needed to boost consumption and support the economy.