The Chinese government on Friday approved a $1.4 trillion plan to revive the economy, authorizing local governments to refinance crushing debts that have left some cities unable to pay their bills. The move caps a series of steps that China’s leaders started rolling out in September to stimulate growth.

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

Policymakers approved a proposal to swap six trillion yuan ($840 billion) of hidden debt belonging to local governments