China to Inject $137 Billion in Extra Sovereign Debt to Revive Economy

China is set to approve over 1 trillion yuan ($137 billion) in additional sovereign debt issuance to boost infrastructure spending and stimulate economic growth. The debt issuance is expected to be announced and initiated in November. Nearly half of the proceeds will be allocated to water conservancy and flood prevention projects, while the rest will be used for post-disaster reconstruction and high-standard farmland construction. China's economy grew faster than expected in the third quarter, bringing it closer to its annual growth target of around 5%. The Chinese government has been implementing various measures, including public works spending and interest rate cuts, to support the economy amid challenges such as a property crisis and debt risks.