China’s state media said local governments could sell more than $229 billion of bonds to fund infrastructure investment and plug budget gaps, a further move by Beijing to shore-up an economy hit by worsening coronavirus outbreaks and a property slump. The reports came alongside a raft of bad economic news this week: Covid cases reached a three-month high, suggesting more lockdowns are likely; real-time data indicated property sales continued to fall this month; weak economic data on Monday signaled a slump in domestic spending; and heat waves caused energy shortages in several provinces, forcing some factory shutdowns.