Bonds Apr 08

Hebei issues 24bn yuan of local government bonds

Officials in the province near Beijing want to ensure they can control the coronavirus epidemic, while also supporting local projects

by Chris Gill
Hebei issues 24-bn yuan of govt bonds
A teacher shows how she paints leaves with traditional Chinese drama characters while recording classes for her students in Qinghuangdao city in north China's Hebei province on 26 March 2020. Photo: Cao Jianxiong / Imaginechina via AFP

(ATF) Hebei Province, not far from the epicentre of the coronavirus outbreak, has issued government bonds worth 24.4 billion yuan ($3.4 billion) to fund epidemic prevention and control projects in its cities and counties.

The news was announced on the provincial website. Hebei has about 75 million people who lives on the flat northern plain that surrounds Beijing.

The province has 45 public medical and health capacity enhancement projects which will cost about 2.5 billion yuan. Officials say these projects will “fully guarantee” prevention and control of the epidemic across the province.

Some 6.9 billion yuan of the issuance will be used for refinancing government bonds.

Other funds raised will be used to  support 181 key projects, such as the Fourth Provincial Garden Expo, coastal highways, plus the South-to-North Water Diversion, plus university science and technology industrial parks.

So far, the province has issued 86.2 billion yuan of government bonds this year to support 1,395 key economic and social development projects.