Beijing will offer fresh stimulus through a rare budget adjustment and increased sovereign debt

• China approved a plan to adjust its budget and issue more sovereign debt, Bloomberg reported.
• $137 billion in debt could be issued, while 2024's budget deficit could be increased, sources told Reuters.
• This may help take the debt burden off of local governments, and revive the economy next year.

Chinese authorities have approved additional sovereign debt and a change to the 2023's state budget, efforts meant to provide added stimulus for the country's strained economy, Bloomberg reported.