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 announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues.

China has announced a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second largest economy

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.

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

China said on Friday lawmakers had agreed to raise the local government debt ceiling by $840 billion, opening up new funds for its ailing economy as they eye the possibility