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

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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 billion yuan of new special-purpose bonds on March 25, the first issue this year.

Special-purpose bonds . . .

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