CHINA China's outstanding local gov't debt rises in April

CHINA

China's outstanding local gov't debt rises in April

Xinhua

21:22, May 11, 2020

BEIJING, May 11 (Xinhua) -- China's outstanding local government debt amounted to 23.04 trillion yuan (about 3.26 trillion US dollars) by the end of last month, the Ministry of Finance said on Monday.

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File photo by CFP.cn

The figure was up from 22.82 trillion yuan by the end of March, according to a statement on the ministry's website.

Local governments issued 286.8 billion yuan worth of bonds last month, down from the 387.5 billion yuan issued in March.

China has accelerated the local government bond issuance this year to help the timely implementation of various projects to mitigate the impacts of the novel coronavirus epidemic.

During the first four months of the year, the local government bond issuance totaled nearly 1.9 trillion yuan.

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