14 May 2026

Local government infrastructure spending slows in April

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Local government infrastructure investment slowed in April. Per government bond issuance data, in April:

Local governments issued RMB 174.4 billion of special-purpose bonds (SPBs), down 24.2% y/y Of this, RMB 162.7 billion was earmarked for infrastructure investment, down 20.1% y/y

All major inves...