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Spokesman: Additional govt bonds fully allocated

By Wang Keju | | Updated: 2024-03-04 15:36
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Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing. [Photo/Agencies]

The additional 1 trillion yuan ($138.9 billion) of government bonds, which was approved in October to provide support for post-disaster recovery and reconstruction efforts, has been fully allocated, Lou Qinjian, spokesman for the second session of the 14th National People's Congress, told a news conference on Monday.

In the wake of severe floods, torrential rain, typhoons and other natural disasters that affected various parts of China last summer, significant damage and losses were incurred, Lou said. The country, as a result, decided to issue an additional 1 trillion yuan of government bonds and made corresponding adjustments in the central government's fiscal budget for 2023.

So far, the full allocation of the government bonds has been completed, underpinning more than 15,000 projects aimed at safeguarding and improving the livelihoods of people in areas affected by natural disasters, Lou added.

By continuously monitoring the management and expenditure of the funds, the NPC Standing Committee will guarantee their optimal use and tangible results in the affected regions, Lou said.

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