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China to Steady Issuance of Special Bonds: Journal

CHINA PRESS

China is likely to maintain the quantity of special debts to be issued in 2021 given the recovery is well underway, the China Securities Journal reported citing analysts. Local governments have issued CNY138 billion in bonds by November, with none under new quotas, the Journal reported citing data from Wind. Special bonds will still be needed to support infrastructure investment while fiscal policies will remain positive next year, so the scale of issuance is likely to be the same level as 2020, the newspaper reported citing Sun Binbin, an analyst from Tianfeng Securities. Newly added local government bond issuance next year should be at just over CNY 1 trillion if the target deficit ratio is set back at 3%, said Sun.

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