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MNI BRIEF: China Scales Down Local Govt Special-Purpose Bonds

MNI (Singapore)

China will issue CNY3.65 trillion local government special-purpose bonds, CNY100 billion less than the total issuance last year, mostly to support projects under construction, according to the annual Government Work Report delivered by Premier Li Keqiang.

The moderate cut in the size of new special bonds is conducive to preventing local government statutory debt risks, while maintaining policy effect, according to the report.

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