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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: China To Issue Over CNY1Tn Special Bonds In Q4: MOF
China will push local governments to issue all of their special bond allocations by the end of November and will further implement tax and fee cuts to keep the economy at "a reasonable range", officials of Ministry of Finance told reporters on Friday in a briefing.
According to Li Dawei, a senior official, China issued a total of CNY2.22 trillion of local government special bonds in the first three quarters this year, which means about CNY1.4 trillion of LGSB will be issued in the last quarter.
Local authorities have accelerated issuance since August to support key projects, Li said. Tan Long, also an MOF official, said the ministry will closely watch the economic situation and study measures to boost the economy, noting 2021 will see over CNY700 billion in tax and fee cuts.
However, any tax and fee cuts are expected to pressure fiscal revenue, which fell 2.1% year-on-year in September, said official Liu Jinyun. Also contributing the decrease to economic slowdown and high comparative base. The central government will enhance the transfer payment to support local ones, he said, noting it has reached CNY2.7 trillion by the end of September.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.