The Chinese government on Friday approved a $1.4 trillion plan to revive the economy, authorizing local governments to refinance crushing debts that have left some cities unable to pay their bills. The move caps a series of steps that China’s leaders started rolling out in September to stimulate growth.

China Friday announced a $1.4 trillion economic stimulus that includes a three-year local government re-finance plan for what was described as hidden debt. But it fell short of what many investors believe is needed.

China kicked off a fresh round of fiscal support on Friday for its sputtering economy with a package that eases debt repayment strains for local governments, with Finance Minister Lan Foan signalling further stimulus in the pipeline.

The Standing Committee of the 14th National People's Congress, China's top legislature, on Friday approved a bill to raise the local government debt ceiling by 6 trillion yuan ($836.74 billion) to replace existing hidden debts of local governments,

China top legislative body approved a bill on Friday to allow local governments to issue 6 trillion yuan ($838.8 billion) in bonds to swap for off-balance sheet or "hidden" debt over three years, as policymakers sought to spur the sluggish economy.

China on Friday unveiled some of its most ambitious plans in years to lift local government debt and boost its economy, following a meeting of lawmakers eyeing the possibility of

Elizabeth Warren Spells Out What Democrats Must Do 'With Urgency’ Before Trump Takes Power 4 Signs It's Time To Stop Mowing Your Lawn For The Season Pompeii Victims Weren’t Who We Thought They Were, DNA Analysis Reveals 9 Best Stocking Stuffers at Aldi China just announced a $1.