China's Tibet issues gov't bonds on exchange market for first time

SHANGHAI -- Southwest China's Tibet autonomous region has issued 8.8 billion yuan (about $1.27 billion) worth of local government bonds on the Shanghai Stock Exchange, according to the bourse.

It is the first time that the Tibet regional government bonds have been issued on the exchange market. The region issued 6.2 billion yuan in general bonds and 2.6 billion yuan in special bonds on Wednesday.

The general bond funds are mainly used in the construction of roads in rural areas. Funds related to the special bond will be utilized in public health, urban development, shantytown renovation and environment protection. They will provide significant financial support for stabilizing investment, strengthening weak links and improving people's welfare.

The issuance had 10-year, 15-year and 20-year bonds.