China issues over 3.31 trln yuan in new local government bonds in Jan.-July
Local governments in China issued new bonds worth over 3.31 trillion yuan (about 465.78 billion U.S. dollars) in the first seven months of this year, data from the Ministry of Finance showed on Thursday, Xinhua reports.
Of the total, general-purpose bond issuance came in at 538.3 billion yuan for the period and special-purpose bond issuance amounted to over 2.77 trillion yuan.
By the end of last month, China's outstanding local government debts stood at over 52.76 trillion yuan, the ministry said.
China has pledged a more proactive fiscal policy this year to shore up sustained economic and social development. The country plans to issue 4.4 trillion yuan in local government special-purpose bonds in 2025, marking an increase of 500 billion yuan from last year, according to this year's government work report.
Earlier, it was reported the Asian Development Bank (ADB) has approved a $233.1 million loan to the Republic of Uzbekistan to help modernize a critical segment of the Central Asia Regional Economic Cooperation (CAREC) Road Corridor 2.
