China issues 16 batches of special bonds worth 1 trln yuan

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China issued altogether 16 batches of government bonds for COVID-19 control this year, totaling 1 trillion yuan (about 144.76 billion U.S. dollars), a finance official said Wednesday.

The bonds included 200 billion yuan of five-year bonds, 100 billion yuan of seven-year bonds and 700 billion yuan of 10-year bonds, said Wang Xiaolong, director of the Treasury Department, Ministry of Finance.

“The funds raised through the issuance of special bonds have been sent to local governments, and are being put into specific projects,” Wang added.

As an extraordinary measure for an unusual time, China decided to issue 1 trillion yuan in government bonds for COVID-19 control this year, according to the annual government work report released in May.

The ministry will step up supervision over the use of the funds to ensure they are not withheld or diverted for non-designated uses, Wang said.

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