China approves bill on front loading 2024 local bond quotas, issuance of new sovereign debt
DeeperDive is a beta AI feature. Refer to full articles for the facts.
CHINA’S top parliament body has approved a bill that will allow local governments to front load part of their 2024 bond quotas and issuance of new sovereign debt, state media said on Tuesday (Oct 24), in a move to support the economy.
The approval by the standing committee of the National People’s Congress (NPC), as it concludes a five-day meeting which began on Oct 20, marks an extension of an expired bill on the issuance of new bond quotas in advance.
The top parliament body also approved the adjustment of the central government’s budget for 2023, state media reported.
China has previously let local governments issue bonds ahead of the annual session of the parliament, which approves government budget plans and is usually held in March.
Local governments had been told to complete the issuance of the 2023 quota of 3.8 trillion yuan (S$710.4 billion) in special local bonds by September to fund infrastructure projects. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant