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China Seen Keeping Special Bond Quota Unchanged from Last Year

  • Quota was 3.65 trillion yuan in 2021, used for infrastructure
  • Still needs to be approved by National People’s Congress

China plans to keep its 2022 quota for new infrastructure debt unchanged from 2021, according to people familiar with the matter, as the government looks to balance debt sustainability with the need to support economic growth. 

Local governments were allowed to sell 3.65 trillion yuan ($573 billion) of new special bonds in 2021. The people with knowledge of the matter asked not to be named as they weren’t allowed to comment publicly. The quota still needs to be officially approved at the annual meeting of China’s parliament in March.