China Front-Loads 2022 Special Bonds to Boost Local Infrastructure Spending

China’s finance ministry has offered local governments an early allocation of 1.46 trillion yuan ($228.9 billion) in quotas for 2022 special-purpose bonds (SPBs), as Beijing steps up efforts to support economic growth through state-backed infrastructure investment.

Vice Finance Minister Xu Hongcai announced the allocation at a State Council press conference (link in Chinese) Thursday, saying the government is expected to come under pressure to stabilize growth in the first quarter of next year.