China's onshore LGFV bond issuance hit new record high in Q1 amid infrastructure push

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China's onshore bonds issued by local government financing vehicles (LGFVs), borrowing units set up by local authorities, hit an all-time high in the first quarter after record issuance in 2019, boosted by an infrastructure push to shore up the coronavirus-hit economy.

Supportive domestic credit easing measures to counter the negative impact from the coronavirus pandemic continue to facilitate LGFV onshore bond issuance, according to the Moody's Investors Service.

Total issuance in the first quarter hit a record high of 1.06 trillion yuan, up 23 per cent from Q1 2019, it . . .

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