China’s new local bonds (including new general and new special bonds) issued by local governments amounted to RMB 9.3424 trillion ($1.32 trillion) in the current year up to December 25, as reported by local financial media.
Moreover, several regions in China issued their bonds issuance plan for the first three months in 2024, with the scale of new local bonds likely exceeding RMB 220 billion ($31 billion) in the given period.
Local bonds will be issued as soon as possible, which will create a pull for next year’s infrastructure investment. Market experts thought the FAI in infrastructure will likely increase by 5.0 percent in 2024.