June 10, 2019 / 11:27 AM / 3 months ago

China to use special local bonds as capital for some projects

BEIJING, June 10 (Reuters) - China will allow local governments to use proceeds from special bonds as capital for qualified major investment projects, the state news agency, Xinhua, said on Monday, citing a cabinet document.

Local governments’ special bonds must be used to fund major projects that have certain returns on investment and local officials should strengthen risk controls for their special bond issuance, project management, it added.

Local governments should use special bonds for major projects including highways, gas and power supply, railways, it said, adding that financial institutions and individuals would be encouraged to invest in such bonds. (Reporting by China Monitoring Desk and Kevin Yao; Editing by Clarence Fernandez)

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