China Allocates $82 Billion to Support Economy Amid Growth Target Challenges

China has allocated 550 billion yuan ($82 billion) in unused government debt quotas to bolster local government finances and enhance infrastructure investment. This move comes as the country aims to achieve a growth target of 4.5% to 5% amidst weak consumption and investment trends. Despite a surge in high-tech sectors and goods exports, the economy has faced setbacks due to subdued domestic demand and a prolonged property market downturn. Of the total debt quota allocated, 300 billion yuan is designated to support the daily operations of county-level and district-level governments, according to a statement from the finance ministry. The remaining…