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Five Things to Know About China’s Unusual Sovereign Bond Issue

By Cheng Siwei, Yu Hairong and Qing Na
2023年11月22日 20:19
Proceeds from the 1 trillion yuan sale will be transferred to local authorities, although the central government will be responsible for the principal and interest payments, easing financial pressure on localities

The Chinese government took a rare and unexpected decision in October to issue 1 trillion yuan ($141 billion) of additional sovereign bonds in the fourth quarter to finance infrastructure spending, widening the budget deficit as a percentage of GDP for 2023 to a record high of 3.8%.

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