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The bond issue

  • Published 05 Mar 2009

Local government bonds: A natural devolution of economic power, or a free rein for corrupt local officials?

Under plans submitted to the National People’s Congress, which gets underway this week in Beijing, local governments will be able to raise Rmb 200bn ($29.22bn, €23.25bn, £20.8bn) for the first time through bonds issued on their behalf by the central government. This reform has been discussed for more than decade, so approval would be a landmark.

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