According to the data from China’s Ministry of Finance (MOF), in the current year up to November 30 local governments in China have issued RMB 6.26 trillion ($0.95 trillion) of new local government bonds. In addition, special bonds of RMB 200 billion ($30.5 billion) will be issued soon for the injection of capital into small and medium-sized banks. It is thought that the overall scale of new local government bonds will reach RMB 6.5 trillion ($0.99 trillion) for the current full year.
China issued local government bonds worth a total of RMB 4.3624 trillion in 2019, including new special local government bonds, according to China’s Ministry of Finance (MOF). This means that the figure in 2020 is expected to be 49 percent higher than in 2019.
$1 = RMB 6.5592