China Sees Massive Local Government Bond Issuance in First Half of 2024

China's finance ministry reported that net local government special bonds issuance was 1.49 trillion yuan ($205.81 billion) in the first half of 2024. Additionally, June saw a net local government debt issuance of 373.1 billion yuan and debt refinancing of 298.3 billion yuan.

China's finance ministry announced on Wednesday a net local government special bonds issuance totaling 1.49 trillion yuan, equivalent to $205.81 billion, for the first half of 2024.

According to the ministry, June alone saw a net local government debt issuance of 373.1 billion yuan.

In addition, local government debt refinancing in June amounted to 298.3 billion yuan, with the exchange rate set at $1 equaling 7.2398 Chinese yuan.