China will allow local governments to issue bonds directly for the first time in 17 years as Beijing acts to prevent potential defaults by provincial and city-level administrations that could wreak havoc in the country’s financial sector.
A pilot project announced on Thursday by China’s finance ministry will permit Zhejiang province, Guangdong province and the cities of Shanghai and Shenzhen to issue three and five-year bonds on their own. The project is expected to be extended to other local
governments around the country, many of which borrowed heavily to fund infrastructure projects as part of China’s enormous 2008 economic stimulus plan.
您已閱讀18%（647字），剩餘82%（2903字）包含更多重要資訊，訂閱以繼續探索完整內容，並享受更多專屬服務。