Editorial: Getting the Most From Special-Purpose Bonds

A few days ago, at a forum on the economies of China’s major highly developed provinces, Premier Li Keqiang pointed out that local governments had not yet issued enough special-purpose bonds (SPBs) to reach their debt ceiling. His demand — that all localities speed up construction of mature projects, increasing economic activity in the third quarter, to drive effective investment and related consumption — only highlights the urgency of such measures. Making optimal use of SPBs will undoubtedly test the executive ability of governments at all levels.