China May Cut Special Bond Quotas in 2021: Journal

China is likely to reduce the issuance quotas for local government special bonds next year given the accelerating recovery and rising pressure for local debt repayment, the China Securities Journal reported citing analysts. Around 95% of the quotas for the CNY3.75 trillion infrastructure project special bonds have been used this year while some infrastructure projects have failed to take off, delaying the use of funds, the newspaper said citing Pan Helin, a professor at Zhongnan University of Economics and Law. The government is unlikely to ramp up infrastructure investments next year as consumption and manufacturing investments recover, the newspaper said citing analysts.