China unveiled a $1.4 trillion stimulus plan on Friday to bolster the sluggish economy by helping local governments get out from underneath crushing debt, but a top economist says the plan failed to address a crucial debt problem, according to a report.
The Standing Committee of the National People's Congress authorized the package on Friday with an eye toward reducing "hidden" debt, which is kept off the books, that has become a drag on the world's second-largest economy.
