"It's not huge if you look at the fiscal shortfalls." "The money is used to replace hidden debts, which means it doesn't create new work flows, so the support to growth is not that direct." Local governments, facing high debt and falling revenues ...

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.

CNBC reported that the widely anticipated China stimulus package announcement at the end of the five-day legislature meeting on Friday was imminent. Analysts suspected that the fiscal magnitude of the fiscal support could increase.