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Jan-Oct Public Bond Issuance Sets Record

CHINA PRESS
MNI (BEIJING)

Local governments issued CNY8.5 trillion of public bonds in the first 10 months of 2023, a new record, according to Yicai news agency. The total volume consisted of CNY4 trillion in refinancing bonds, up 74% y/y. Zhang Yu, chief macro analyst of Huachuang Securities, said the government will continue to exert strong fiscal policy in the near future with newly announced CNY1 trillion treasury bonds and advancing up to CNY2.28 trillion of bonds from 2024. Other analysts said officials are more reliant on debt fuelled fiscal policy this year as a slow recovery and poor land sales have led to falling local-government revenue. (Source: Yicai)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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