Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
‘Double 11’ Shopping Fest Faces Covid-19 Supply Chain Pressures
Trending in China: Scalpers Take Advantage of Lack of New iPhone 12s in Stock in China
Finance Ministry Allocates More Special Bonds Early to Boost Economy

By Guo Yingzhe and Cheng Siwei / Feb 12, 2020 02:07 PM / Finance

Photo: VCG

Photo: VCG

China’s Ministry of Finance made an early allocation of 2020 special-purpose bond quotas totaling 290 billion yuan ($41.6 billion), to local governments as policymakers try to stimulate a slowing economy which has been hit by the coronavirus outbreak.

The new early quotas, plus a previous early allocation of 1 trillion yuan in November, have reached the cap approved by China’s top legislature, accounting for 60% of the total new special-purpose bond quota in 2019, which was 2.15 trillion yuan.

Special-purpose bonds were introduced in 2015 and are designated to fund infrastructure and public welfare projects which are commercially viable. In general, they are repaid from income generated from the specific projects they fund, in contrast to “general bonds,” which can be paid back out of general fiscal revenue.

The finance ministry has also taken an earlier-than-usual move to allocate 558 billion yuan of general bond quotas to regional governments, according to a statement (link in Chinese) posted on its website on Tuesday.

Annual debt quotas were originally issued after approval by the top legislature at its annual session in March, but its standing committee passed a bill in December 2018 allowing the State Council, China’s cabinet, to assign quotas early in order to fund investment and help support economic growth, which can be up to 60% of the previous year’s total quota.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (

Related: Local Governments Get 2020 Bond Quotas Early to Drive Investment

Share this article
Open WeChat and scan the QR code