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China's Inner Mongolia to Issue Special Refinancing Bonds to Ease Debt Pressures www.morningstar.com
China's Inner Mongolia Autonomous Region said Wednesday that it would issue special government bonds to ease debt pressures, as Beijing seeks to contain financial risks from mounting local government debt.
The region in northern China plans to issue special refinancing bonds worth 66.32 billion yuan ($9.07 billion) to pay back government debt owed to companies that were issued before 2018, according to government fillings.
The Wall Street Journal reported in June that Beijing was considering issuing roughly 1 trillion yuan, equivalent to about $140 billion, of special treasury bonds to help indebted local governments, citing people familiar with the discussions. The special bonds would be used to finance infrastructure projects and help local governments repay debt, the Journal reported.
Chinese media reported last week that regulators had approved the issuance of special refinancing bonds and 12 high-risk regions would get preferential bond quotas.
In a top decision-making meeting in July, China's leadership pledged to formulate measures to resolve risks from local government debt. Some provincial governments have submitted their own plans to Beijing, according to reports by Chinese state media.
Inner Mongolia's move to issue bonds also comes after Chinese Premier Li Qiang last week urged provincial authorities and state-owned enterprises to pay back money owed to private companies, underscoring Beijing's efforts to boost the country's ailing private economy. "We must make sure that debt owed is paid," Li said in a meeting.
Write to Singapore Editors at singaporeeditors@dowjones.com
Published Date:2023-09-27
