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MNI BRIEF: China To Expand Fields For Special Bonds - MOF

MNI (Singapore)
(MNI) Beijing

China will expand the fields in which local government special bonds can be invested and the projects where they can be used to replenish capital, while increased fiscal spending and transfer payments will underpin “forceful” fiscal policy this year, Ministry of Finance officials told reporters on Monday.

China's fiscal gap further widened in 2022 due to a slowdown in revenue growth coupled with higher spending. According to the MOF, general fiscal revenue printed at CNY20.37 trillion, increasing by 0.6% year-on-year compared with 10.7%y/y in 2021, as tax revenues dropped significantly. Fiscal spending rose to CNY26 trillion, up 6.1% compared with 0.3% the year before.

The fiscal authorities will set an “appropriate” quota for the special bonds to balance the need to support infrastructure and to keep the macro- leverage ratio steady, the officials said, noting local government debt risk will be highly watched.

Policy NewsFiscalGovernment sectorAPACChinaBriefStoryRegion
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Policy NewsFiscalGovernment sectorAPACChinaBriefStoryRegion
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