China has announced a significant increase in public debt to support its local government, low-income citizens, housing sector and state bank capital. After overcoming the 2007-2008 global recession, this is the first time the country has given such a large incentive program.

China's Finance Minister Lan Foan said on Saturday that 2.3 trillion yuan (29.7 billion euros) of special bonds will be issued over the next three months to boost the country's economy, Reuters reported.

"In the next three months, a total of 2.3 trillion yuan of special bond funds can be arranged for use in various sectors," Lan said at a briefing in Beijing.

He also said that the extent of debt will be reduced in the case of local governments Funding for infrastructure and employment protection will be increased for them

'Now we are increasing the use of additional Treasury bonds and the use of ultra-long-term special Treasury bonds is also being created,' Lan said.

Deutsche Welle reported that widespread speculation about the fiscal stimulus in China began after a September meeting of the Communist Party's top leadership Politburo.

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A sharp slowdown in the housing sector and lack of consumer confidence have raised fears of rising inflation in the world's second-largest economy. This is increasing over-reliance on exports at a time when global trade tensions are rising

According to economic forecasts, the Chinese government's growth target of around 5% this year is at risk