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Local governments told to speed up issuing special bonds

Updated: Aug 15,2018 6:59 AM     Xinhua

BEIJING — The Ministry of Finance on Aug 14 ordered local governments to speed up the issuance and use of bonds for designated purposes.

The move aims to make better use of the special bonds to stabilize investment, expand domestic demand and improve weak links, according to a document on the ministry website.

Finance departments at different levels should work with other authorities to speed up the preparation for special bond issuances.

“Provincial level regions should make scientific plans for the bond issuance in August and September in order to accelerate bond issuance,” the document said. “By the end of September, new special bonds issued in the first nine months should account for no less than 80 percent of 1.35 trillion yuan (about $197 billion), this year’s quota, as a matter of principle, while the remainder should be issued mainly in October.”

The country will continue to implement a proactive fiscal policy and prudent monetary policy, with the fiscal policy playing a bigger role in expanding domestic demand and carrying out structural adjustments, according to a meeting of the Political Bureau of the Communist Party of China Central Committee held last month.