Finance Ministry announces 1 trillion yuan bond issue

The Ministry of Finance announced the issue of 1 trillion yuan ($142.4 billion), a new quota, of local government special bonds on Wednesday, which is a part of the 2020 quota. It was delivered in advance to support infrastructure investment and spur economic growth.

The new quota accounted for 47 percent of the 2.15 trillion yuan special bond quota in 2019, less than expected, according to the ministry.

Local governments are required to inject funds, collected by the special bonds, into specific projects "as soon as possible". The Ministry of Finance also called on local governments to make sure that the policy can take effect at the beginning of next year, aiming to stabilize economic growth, a statement on the ministry's website said.

In the first 10 months of this year, Chinese local governments issued a total amount of 4.28 trillion yuan in bonds, including 2.53 trillion yuan of special bonds. The ministry released the data on Wednesday.