日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Local govt bond issues to hit record

By Jiang Xueqing | China Daily | Updated: 2019-06-25 07:43
Share
Share - WeChat
A Chinese clerk counts RMB (renminbi) yuan banknotes at a branch of Bank of China in Nantong city, East China's Jiangsu province, July 23, 2018. [Photo/IC]

Funds to finance railways, agriculture infrastructure, water conservation

China is accelerating local government bond issuance, which is expected to hit a record high of the year in June, in an effort to stabilize economic growth and market expectations.

As of June 21, monthly local government bond issuance exceeded 594 billion yuan ($86.3 billion), and the planned issuance is over 200 billion yuan for the last week of June. As a result, the total issuance may reach 800 billion yuan for the month, according to statistics compiled by Wind, a leading financial data provider in China.

During the first five months of 2019, China issued new local government bonds worth 1.46 trillion yuan. The accumulated new bonds accounted for 47.4 percent of the quota for new local government debt of 3.08 trillion yuan for the year, according to data from the Ministry of Finance.

Most of the new local government bonds were used to finance projects including railways, water conservation and agricultural infrastructure. Among the total, 859.8 billion yuan was raised by new special purpose local government bonds.

The Ministry of Finance issued opinions concerning local government bond issuance in April, requiring various levels of local government to accelerate bond issuance and strive for the completion of new bond issuance for the whole year by the end of September.

On June 10, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a notice on the work of special purpose local government bond issuance and subordinate project financing.

"The biggest highlight of the notice is to allow special purpose bonds to be used as capital for major projects which meet major decisions of the central government and have a demonstrative effect ... Breaking through restrictions that forbid the use of debt funds as capital funds for local construction projects, the new rule will help ease the problem of a lack of capital for infrastructure investment by local governments, "said Xia Yanyan and Ma Shunfu, analysts at the research department of China Lianhe Credit Rating Co Ltd, in a report.

Such projects mainly include railways, national and local highways, as well as power and gas supply projects, the report said.

Among new local government bonds issued in May at a total value of 165.66 billion yuan, 16.2 billion yuan will be used for transportation, 26.94 billion yuan for municipal construction, 20.11 billion yuan for land reserves, 67.61 billion yuan for low-rent, affordable and public rental housing, as well as shantytown renovation, and the rest will be used for science, education, healthcare, social security, environmental protection and poverty alleviation, according to the Ministry of Finance.

The analysts with Lianhe Credit Rating estimated that about half of the 1.3-trillion-yuan special purpose local government bonds to be issued will be used for infrastructure investment mentioned in the notice.

Apart from accelerating local government bond issuance, China also expanded the channel of issuance and the range of target investors by launching a trial program this year to sell local government bonds to individual and corporate investors at bank counters in certain municipalities, provinces and autonomous regions, at a minimum amount of 100 yuan.

So far, two batches of local government bonds have been sold at bank counters. While the first batch was special purpose bonds aimed to support land reserves and shantytown renovation, the second batch targeted more diversified projects including toll roads and sewage treatment.

"The stabilization of economic growth will mainly rely on making stronger efforts on China's domestic demand side. Currently, whether the efforts to improve weakness in the infrastructure sector will take effect or not still remains as the core problem ...Given the context of the issuance of the notice, we expect that special purpose government bond issuance will speed up again, accompanied by an increase in the proportion of medium and long-term corporate loans to new yuan loans," said Steven Zhang, chief economist with Morgan Stanley Huaxin Securities Co Ltd.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产喷水 | 亚洲国产路线1路线2路线 | 亚洲精品乱码久久久久久按摩观 | 亚洲欧美一区二区三区久本道 | 久久偷拍人 | 国产色情A片国语露对白 | 国产精品久久久久久免费 | 亚洲一区日韩 | 欧美高清在线精品一区 | 欧美一区二区 | 免费观看一级特黄欧美大片 | 久久久国产精品免费观看 | 免费精品美女久久久久久久久久 | 国产99久久精品一区二区 | 欧美成人精品第一区首页 | 任你操免费视频 | 抱着cao才爽免费观看 | 日本国产最新一区二区三区 | 高清videosgratis欧美live | 国产伦精品一区三区视频 | а√天堂资源中文最新版地址 | 欧美乱强性伦xxxxx | 国产一区二区丁香婷婷 | 中文字幕在线播放 | 午夜小视频免费观看 | 亚洲aⅴ天堂av在线电影软件 | 91成人影院未满十八勿入 | 巨大乳女人做爰视频在线 | av在线第一页 | 玖玖精品视频在线观看 | 欧美精品久久久 | 免费激情视频在线观看 | 精品一区二区三区免费 | 日本激情网 | 成人午夜免费视频毛片 | 丝袜诱惑一区二区 | 91tv在线观看 | 片一级片在线观看 | 精品国产一区二区国模嫣然 | 久久精品国产一区二区电影 | 国产一区二区三区国产精品 |