As of the end of March, new local government bonds issued by China will likely amount to RMB 1.545312 trillion ($0.22 trillion), accounting for 83.6 percent of the Chinese Ministry of Finance’s (MOF) in-advance issuance of new local government bonds of RMB 1.848 trillion ($0.26 trillion).
Meanwhile, experts have forecast that new special local government bonds in China will likely reach RMB 3.0-4.0 trillion ($0.42-0.56 trillion) for the full year of 2020.
The scale of new local government bonds issued in China amounted to RMB 793.7 billion, RMB 1.35 trillion and RMB 2.15 trillion in 2017, 2018 and 2019, respectively.
Zheng Jian, deputy director of basic industry of China’s National Development and Reform Commission (NDRC), said previously that in order to promote the start and resumption of construction of key projects and expand effective investment China will expand its issuance of special local government bonds.
$1 = RMB 7.0851