China’s Finance Ministry plans to issue special ultra-long-term government bonds next year, the proceeds of which will be used to support important national strategies and security initiatives.
The funds will also be spent on large-scale equipment upgrades and consumer goods exchange programs, the ministry said in a statement on Saturday. The announcement was made after a meeting aimed at implementing the decisions of the Central Economic Work Conference.
The ministry did not provide details on the strategic or national priority construction projects in which the resources will be applied.
In addition, he pledged to actively reduce local government debt and strictly prohibit the creation of new hidden obligations.
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