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China hastens bond sales to fuel infrastructure buildup

Provincial governments eat into 2020 issuance quotas as tax revenues fall

A worker installs steel rebars on a construction site of a highway in China's Xinjiang Uighur Autonomous Region.   © Reuters

BEIJING -- China has allowed local governments to raise more funding from the bond market than planned this year to keep them investing in infrastructure amid an uncertain economic outlook.

Earlier this month, the State Council -- China's cabinet -- instructed provincial governments to finish issuing special infrastructure-funding debt the under 2019 bond quota by the end of September and allocate proceeds to projects by the end of October.

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