More Chinese regions on Thursday announced plans to issue special refinancing bonds, the proceeds of which will be used to repay maturing government debt, a move seen as part of efforts to bring local governments’ hidden debt on book and resolve local government debt risks.
So far, 13 provincial or municipal governments have issued or announced plans to issue a total of 536.29 billion yuan of the special refinancing bonds.
Southeast China’s Fujian province will issue 28.2 billion yuan of special refinancing bonds on October 19, the provincial government said on Thursday.
Southwest China’s Yunnan province will issue 54.3 billion yuan of special refinancing bonds, including 20 billion yuan of five-year bonds and 34.3 billion yuan of 7-year bonds, the provincial government said. That would be Yunnan’s second issuance of the bonds, after the province issued 53.3 billion yuan of the bonds on October 9.
Northwest China’s Ningxia Hui Autonomous Region plans to issue 8 billion yuan of 10-year special refinancing bonds, and Gansu province plans to issue 40 billion yuan of special refinancing bonds, both on October 19, the two provincial governments said.
Dalian city, northeastern China’s Liaoning province, will issue 13.56 billion yuan of special refinancing bonds on October 19, the municipal government said.