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China Local Bond Issuances Slow on Stricter Review: Journal

CHINA PRESS
MNI (Singapore)

China's local governments may issue about CNY800 billion special bonds in June, with the pace of issuance in H1 slower than previous years, as local governments face more stringent review over the intended investment projects, the China Securities Journal reported citing analysts. Local governments are facing less pressure to stabilize growth as the annual GDP target is set at over 6%, and their rising balance of fiscal deposits indicates funds raised under last year's fiscal stimulus countering the pandemic remain unused, the newspaper said citing Li Yong, chief analyst at Soochow Securities. The peak issuance will come in around June to September, playing a role in supporting continued economic growth in H2, the newspaper said citing Wu Qiying, analyst at GF Securities.

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