Local govt bonds worth 4.32t yuan issued in first 11 months

2019-12-08
Xinhua

BEIJING — China issued local government bonds worth 4.32 trillion yuan (about $613.79 billion) in the first eleven months of the year, official data showed.

The issuance included 2.13 trillion yuan of special-purpose local government bonds aimed at providing financial support for public-interest projects, according to the Ministry of Finance (MOF).

To further spur the economy, China has eased the restrictions on infrastructure construction financing, allowing local governments to use part of special-purpose bonds as project capital to support major national infrastructure projects.

The average issuance interest rate of local government bonds stood at 3.47 percent in the Jan-Nov period, 43 basis points lower than the same period last year.

The average funding maturity hit 10.2 years, up 4.1 years over one year earlier, MOF data showed.