National Audit Office flags special-purpose bond misuse
Subscribe to keep reading.
Trivium Markets keeps you briefed on the latest developments in China markets policy.
Already a subscriber? Log in.
Some local governments are exaggerating projected returns on investment to secure special-purpose bond (SPB) funding. ICYDK: SPBs are local governments’ primary vehicle for supporting infrastructure investment.
Every March, the finance ministry (MoF) authorizes an annual SPB quota for provincial-le...