A large uptick in the issuance of so-called special bonds in China is likely to occur following a government notice that could make special bonds more market-driven and could attract more international investment.
Special bonds are Chinese local government bonds which raise funds for specific infrastructure projects like railways and power stations.
“As the next step, the relevant state departments will direct local governments to accelerate the pace of bond issuance to expand investment,” said a statement posted on the Chinese government website on Tuesday.
Rmb859.8 billion $124.3 billion of special bonds were issued in China in the first five months this year,...
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