China announces measures to boost ailing economy

China said it will issue special bonds to help its sputtering economy. With $325 billion funds, the initiative could deploy in the next three months to shore up the property market, ease local debt and bolster banks. The measures were announced at a highly anticipated press conference on Saturday by Finance Minister and other officials.

The announcement came on top of a series of steps that have been issued over the last weeks including interest rate cuts and liquidity for banks. The debt ceiling of local governments will also be lowered for them to spend more on infrastructure and to help protect jobs.