App

China to better leverage local government special-purpose bonds to support economy
Updated: December 26, 2024 07:03 Xinhua

BEIJING, Dec. 25 -- The General Office of the State Council has issued a document on improving the management mechanism of local government special-purpose bonds, aiming to better leverage the fiscal tool to support the economy.

Projects such as buildings for official use, vanity projects and theme parks should be included in the negative list for the allocation of special-purpose bonds, according to the document published on Wednesday.

Special-purpose bonds are legally prohibited from being used for routine expenditures, and it is strictly forbidden to use them for paying wages, pensions, and covering operational expenses or debt interest payments, the document said.

The scope of special-purpose bonds for project capital includes infrastructure for emerging industries such as information technology, new materials, and biomanufacturing. It also encompasses the intelligent transformation of traditional infrastructures, including highways and airports, as well as infrastructure for health, elderly care, child care and provincial-level industrial parks.

Local governments should accelerate the issuance of special-purpose bonds and strengthen the supervision of the use of the bond funds, according to the document.

Copyright© www.gov.cn | About us | Contact us

Website Identification Code bm01000001 Registration Number: 05070218

All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to www.gov.cn.

Without written authorization from www.gov.cn, such content shall not be republished or used in any form.

Mobile

Desktop

Copyright© www.gov.cn | Contact us

Website Identification Code bm01000001

Registration Number: 05070218