BEIJING -- Chinese regional governments are now authorized to issue more than 500 billion yuan ($72.9 billion) in infrastructure bonds by the end of October as President Xi Jinping aims to counter the economic blow of zero-COVID restrictions.
The State Council approved the additional issuance at a meeting Wednesday, the official China Central Television reported. Much of the new bonds will be allocated to major cities like Beijing and Shanghai, as well as coastal provinces responsible for a large portion of Chinese economic activity.
