China to accelerate US$224 billion of local bond issuance to support slowing economy


Source: scmp.com scmp.com

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China intends to accelerate the pace of local government special bond issuance to bolster investment and economic growth, the finance ministry said on Friday, striving to complete the annual quota by the end of November. Policymakers are seeking to support a faltering recovery, as economic growth in the third quarter was the slowest this year, due partly to power shortages and wobbles in the property sector. China’s local governments issued a net 2.22 trillion yuan (US$347 billion) in special bonds in the first nine months of 2021, accounting for 61 per cent of the annual quota, Li Dawei, an official...