Caixin
Apr 13, 2022 05:52 AM
ECONOMY

China Pushes Provinces to Finance Massive Infrastructure Spending

Local governments have planned investments on “major projects” of at least 14.8 trillion yuan ($2.3 trillion) this year, according to Bloomberg calculations.
Local governments have planned investments on “major projects” of at least 14.8 trillion yuan ($2.3 trillion) this year, according to Bloomberg calculations.

(Bloomberg) — China’s government granted provinces their full allocation of special bonds to be used for infrastructure investment, a sign it’s stepping up stimulus to boost an economy overshadowed by a worsening Covid outbreak.

“We will waste no time to match the newly granted quota with eligible projects,” Deputy Finance Minister Xu Hongcai said Tuesday at a briefing in Beijing. “We will ensure that special bond proceeds will be used to drive investment up significantly.”

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code