China Unveils $1.4 Trillion Debt Swap to Help Local Governments

China unveiled a 10 trillion yuan ($1.4 trillion) program to help resolve its local government debt crisis, as authorities moved to shore up a slowing economy facing fresh risks from the reelection of Donald Trump.

Officials fleshed out the details of a debt swap plan approved by the Standing Committee of the National People’s Congress at a press briefing in Beijing on Friday. The funds for the program — already telegraphed last month but without a price tag — will be provided through 2028, they said.