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Poverty-Stricken Yunnan Goes Back to School to Boost Growth

China’s first-ever local government bond for construction at public universities will be used to build libraries, student canteens and other infrastructure. Photo: VCG
China’s first-ever local government bond for construction at public universities will be used to build libraries, student canteens and other infrastructure. Photo: VCG

China’s first-ever local government bond sale to raise money for education spending is set to hit the market on Friday, as regional authorities respond to policymakers' calls for a more active fiscal policy to support economic growth.

The southwestern province of Yunnan plans to issue a five-year 1 billion yuan ($146 million) special-purpose bond whose proceeds will be invested in building campus facilities such as libraries, student dormitories and canteens at two government-funded universities, according to documents posted Saturday on chinabond.com.cn, an official website that provides central registration, depository and settlement services for bond sales.

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