BUSINESS Local gov't bond issuance stable in China

BUSINESS

Local gov't bond issuance stable in China

Xinhua

19:21, June 17, 2019

A clerk counts cash at a bank outlet in Hai'an county, Jiangsu province. (Photo: China Daily)

BEIJING - China's local governments raised 304.3 billion yuan (about $43.95 billion) through bond issuance in May, official data showed Monday.

In the first five months of the year, bond issuance of local governments totaled 1.9 trillion yuan, according to the Ministry of Finance (MOF).

By the end of May, outstanding local government debt reached 19.9 trillion yuan, below the official ceiling of 24.08 trillion yuan set for the year.

Chinese authorities have pledged to rigorously control risks in local government bonds and implicit debt while using bond issuance to finance infrastructure projects and improve weak areas.

Last year, local authorities raised a total of 4.17 trillion yuan via bond issuance, down from 4.36 trillion yuan in 2017, MOF data showed.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue