China will allow local governments to issue bonds directly for the first time in 17 years as Beijing acts to prevent potential defaults by provincial and city-level administrations that could wreak havoc in the country’s financial sector.
A pilot project announced on Thursday by China’s finance ministry will permit Zhejiang province, Guangdong province and the cities of Shanghai and Shenzhen to issue three and five-year bonds on their own. The project is expected to be extended to other local
governments around the country, many of which borrowed heavily to fund infrastructure projects as part of China’s enormous 2008 economic stimulus plan.
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