China Adds Funding Support To Drive Investment

China will increase policy banks' quota of financial instruments by more than CNY300 billion and allow local governments to issue an additional CNY500 billion of investment project-backed special bonds by the end of October, with policymakers looking to promote investment and consumption in a bid to stabilize economic growth, according to a statement on the government's website following the State Council executive meeting chaired by Premier Li Keqiang on Wednesday. It also gave a green light for central power generation enterprises to issue CNY200 billion of bonds in order to guarantee energy supply, as well as allocating CNY10 billion to help rice farmers cope with drought, the statement said.