The Guangdong Provincial Department of Finance recently held a meeting to launch the issuance of local bonds next year ahead of schedule, but it is still waiting for the official approval of the Ministry of finance, three sources said on Tuesday. The issuance scale of local bonds using this quota in this year is about 100 billion yuan.
A source said that the country approved the amount of 1 trillion local government special bonds to be issued ahead of schedule next year. "Guangdong has received 120 billion yuan, 80% of which is likely to be issued within the year, that is, 100 billion yuan."
At the executive meeting of the State Council chaired by Premier Li Keqiang in early September, he said that according to the needs of project construction, the amount of special debts of local governments for the next year should be issued in advance according to the regulations, so as to ensure that they can be used and effective at the beginning of next year; at the same time, the amount of special debts of local governments within the limit this year should be issued before the end of September, and all of them should be allocated to the project before the end of October, so as to form physical workload as soon as possible.
At the end of 2018, the seventh session of the Standing Committee of the 13th National People's Congress decided to authorize the State Council to issue the new general debt limit of 580 billion yuan and the new special debt limit of 810 billion yuan, totaling 1390 billion yuan, in advance of the approval of the local government debt limit of that year by the National People's Congress in March 2019.
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