SHANGHAI -- China has announced that local governments will be permitted to broaden their use of proceeds from special bond issues, as the authorities try to foster growth outside the slumping property market.
In a document released Wednesday, the State Council-led central government said it will expand the list of projects eligible for investment to include new materials, the "low-altitude economy," e.g., drones and air taxis, as well as quantum technology. These areas fall under so-called emerging industry infrastructure.
