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China sets record local bond issuance in June to spark economy

$224bn anticipated for infrastructure projects as Beijing orders fast action

A worker installs steel rebars at a highway construction project in Hami, China. Local Chinese governments have issued a record total of bonds for infrastructure investment in June.   © Reuters

BEIJING -- China is on track to issue more than 1.5 trillion yuan ($224 billion) in local government bonds during June, a monthly record underwriting infrastructure investments designed to stimulate the economy.

Local governments nationwide have issued 1.41 trillion yuan in bonds this month through Sunday, Chinese media report, up nearly 80% from June 2021. This figure tops the record of 1.3 trillion yuan in May 2020, when China was focused on stabilizing its economy from the initial coronavirus shock.

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