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.

(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

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Xi Joins Hong Kong Handover Celebrations

PODCAST

China Stories: Millions of China’s Migrant Workers Find Themselves Shunned in Old Age

MOST POPULAR

1: Cover Story: How Bad Is China’s Manufacturing Exodus?

2: Four Things to Know About Chinese Policy Banks’ Extra $120 Billion for Infrastructure

3: In Depth: How SoftBank Wrestled Back Control of Arm China

4: China’s Anti-Monopoly Law Revised to Tighten Supervision on Platform Economy

5: In Depth: Local and National Interests Clash in China’s New Green Power Market