Bidding for COVID-19 control bonds completed

A medical worker prepares test reagents at the polymerase chain reaction (PCR) laboratory in Beijing Puren Hospital in Beijing, capital of China, June 23, 2020. (Photo: Xinhua)

The bidding for the third batch of special government bonds for COVID-19 control was completed on Tuesday amid efforts to balance epidemic control with economic and social development.

The 10-year fixed-rate bonds, worth 70 billion yuan (about 9.91 billion U.S. dollars), will become tradable on June 30, with the weighted average interest rate standing at 2.77 percent.

Meanwhile, the first two batches of special government bonds, including 50 billion yuan of five-year bonds, and 50 billion yuan of seven-year bonds, were listed and started trading on Tuesday.

China will pursue a more proactive and impactful fiscal policy, setting its fiscal deficit above 3.6 percent of gross domestic product, and issuing 1 trillion yuan in government bonds for COVID-19 control to release more funds for companies and individuals.