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MNI POLICY: China Special Bond Sales by Oct. 31: Minister

update: amends typo in headline

MNI (Sydney)

China aims to complete this year's issuance of CNY3.75 trillion in special-purpose government bonds by Oct. 31 and has specific rules on the use of the funds, said Finance Minister Liu Kun.

The money raised by bonds must be invested in profitable public projects and cannot be invested in commercial projects and subsidizing companies, Liu said in an interview with the People's Daily published on Friday.

Liu also said China had established a top-down system overseeing fiscal spending and urged local governments to use the proceeds as soon as possible. The government will also continue curbing debt risk.

China's fiscal revenue rose in June for the first time this year by 3.2%, Liu said. The total for H1 was down 10.8% y/y due to the pandemic.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
Policy NewsFiscalGovernment sectorAPACChinaStoryRegion
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MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
Policy NewsFiscalGovernment sectorAPACChinaStoryRegion
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