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CNA: State Council Urges Local Governments to Complete Issuance of Special Bonds by September

The Central News Agency in Taiwan reported that, to avoid a big economic downfall, the State Council of mainland China has urged local governments to expedite the issuance of special bonds, which the governments use to raise money for special projects.

Prime Minister Li Keqiang held an executive meeting on September 4. He announced that, in order to further increase investments, local governments must complete the issuance of special bonds by the end of September and allocate funds to those projects by the end of October.

These bonds are for projects on transportation, infrastructure development, and medical care areas, and are not allowed to be used for real estate projects or repayment of matured bonds.

Depending on the needs of major projects, local government can use the special bond quota planned for the year 2020 in this year.

Source: CNA, September 8, 2019