Ministry to speed up issuance of special bonds

The Ministry of Finance is preparing to accelerate a special local government bond issuance by using part of the quota for 2020 to boost investment and bolster economic growth, senior officials said on Friday.

Although the exact amount and time for the new quota allocation has not yet been decided, experts said the measure will stabilize market expectations and strengthen investor confidence, helping to offset downside pressure in the economy in the fourth quarter of the year.

Following requirements of the State Council, the ministry will allocate part of next year's special bonds quota in advance and ensure that funds raised from these bonds are available at the start of next year in an effort to spur effective investment to shore up weak areas and expand domestic demand, Vice Finance Minister Xu Hongcai said at a news conference on Friday.