Oct. 25, 2023
China to issue 1-trillion-yuan government bonds to support disaster relief
BEIJING, October 25 (TMTPOST) -- The Chinese government will issue 1 trillion yuan (about 139.3 billion U.S. dollars) in additional government bonds in the fourth quarter to help local governments in rebuilding disaster-hit areas and boosting disaster relief capabilities. The sixth session of the 14th National People's Congress Standing Committee has approved the State Council’s decision to issue additional government bonds and adjust the 2023 national budget plan. The State Council is the cabinet of China. The bonds will be transferred to provincial and municipal governments. A total of 500 billion yuan will be used this year, and another 500 billion yuan will be carried over to next year. The funds will be utilized in eight major areas, including rebuilding disaster-hit areas, key flood control projects, natural disaster emergency capacity improvement, and urban drainage and waterlogging prevention and control. The issuing of bonds will increase the country's 2023 budget deficit ratio to around 3.8 percent from 3 percent.
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