Local debt expected to narrow funding gap

China's earlier and quicker issuance of 2019 new local government bonds is expected to play a major role in narrowing infrastructure funding gaps and bolstering economic growth.

Bidding on this year's first batch of local government bonds will begin on Monday, with a goal of raising more than 135 billion yuan ($19.92 billion) within a week. That accounts for nearly 6.4 percent of the country's full-year local government bond issuance in 2018, according to data released by China Central Depository and Clearing Co.

The bond issuance usually starts in March each year after the top legislature announces the annual quota.