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Special Bond Approvals Exceed CNY2 Trln For First Time - Yicai.com

CHINA PRESS

Advanced approval for special bonds in 2023 by the Ministry of Finance has exceeded CNY2 trillion for the first time, as the government looks to promote investment and expand domestic demand, according to Yicai.com. Analysing the 2023 draft budget report, the news outlet noted advanced special bond approvals stood at CNY2.19 trillion, an increase of 50% over the previous year. This will allow local governments to issue bonds as soon as possible, with most funds to be used in H1 2023, and go towards building industrial parks, transportation and other infrastructure projects. It is expected the scale of special bonds this year will exceed the CNY3.65 trillion recorded in 2022 but will be constrained by debt risk issues, the paper said.

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

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