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China sees first issue of local government special-purpose bonds this year, proceeds can be used in public projects that boost new-type consumption

China's Hubei provinces issued new bonds on Thursday, marking the first issuance of new local government bonds this year. Meanwhile, the authorities now allows local governments to use proceeds of special-purpose bonds in public projects that support growth of new-type consumption.

As of March 24, a total of 12 provinces or cities had announced plans to issue new local government bonds. Hubei province issued 10 billion yuan of new general-purpose bonds and 15 . . .

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