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Sunday, October 18, 2020, 13:59
China's local govt bond issuance hits 720.5b yuan in September
By Xinhua
Sunday, October 18, 2020, 13:59 By Xinhua

Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a bank in Beijing. (PHOTO PROVIDED TO CHINA DAILY)

BEIJING - China's local government bond issuance reached 720.5 billion yuan (about US$107 billion) in September, data from the Ministry of Finance showed.

The figure took the total local government bond issuance for the year to 5.68 trillion yuan by the end of September as authorities ramped up bond sales as part of proactive fiscal policies to shore up the virus-hit economy.

The Ministry of Finance pledged to continue to quicken bond sales to facilitate the implementation of proactive fiscal policy

The figure took the total local government bond issuance for the year to 5.68 trillion yuan by the end of September as authorities ramped up bond sales as part of proactive fiscal policies to shore up the virus-hit economy

Among the issuance, new sales amounted to 4.3 trillion yuan, accounting for 91 percent of the 4.73-trillion-yuan quota planned for the year, the data showed.

ALSO READ: China to allocate another 1 trillion yuan local govt bond quota

The ministry pledged to continue to quicken bond sales to facilitate the implementation of proactive fiscal policy.

China has accelerated the issuance of local government bonds this year to facilitate the timely implementation of various projects in order to mitigate the impacts of the novel coronavirus outbreak.

READ MORE: China steps up local govt bond issuance to fund major projects


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