Beijing Tightens Bond Rules at Local Level
Chinese regulators have banned companies from pledging public assets such as land resources when they apply for bond issuance, in a bid to cut local debt-related risks.
The National Development and Reform Commission (NDRC), China’s top economic planning body, and the Ministry of Finance jointly published new directives on Monday that bar urban development investment corporations, also referred to as local government financing vehicles (LGFVs), from counting land-usage rights and other public infrastructure assets such as schools, hospitals and public squares as part of their assets when they file requests to issue bonds.
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