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.”

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