China has allocated 200 billion yuan (USD 28 billion) in local government special bond quotas to support investment in certain provinces, a spokesperson for the National Development and Reform Commission, Li Chao, said on Friday, as reported by Reuters. This move is part of a broader 500 billion yuan fund aimed at replenishing local finances. “We are confident and capable of achieving the full-year economic growth and social development targets,” Li said, adding that the government will roll out policy measures promptly as circumstances demand. A day earlier, Xinhua reported that China has allocated a total of 500 billion yuan (USD 70.56 billion) through a new policy-based financial instrument to boost investment. The China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China allocated 250 billion yuan, 100 billion yuan, and 150 billion yuan, respectively.
