China is going to issue public bonds worth 1 trillion yuan (about $141 billion) in 2020 to fight the COVID-19 pandemic, the government's report issued on Friday said
BEIJING (Pakistan Point News / Sputnik - 22nd May, 2020) China is going to issue public bonds worth 1 trillion Yuan (about $141 billion) in 2020 to fight the COVID-19 pandemic, the government's report issued on Friday said.
"The deficit-to-GDP ratio this year is projected at more than 3.6 percent, with a deficit increase of one trillion yuan over last year. On top of this, one trillion yuan of government bonds for covid-19 control will also be issued. These are extraordinary measures for an unusual time," the report said.
According to the report, these funds will be transferred in full to local governments for the benefit of businesses and people.
The ongoing pandemic began in China in late December, when the first coronavirus cases were registered in the province of Hubei. Thanks to the strict quarantine regime, China largely managed to limit the spread of the infections by March and started to ease its lockdown restrictions across the country. The lockdown in Hubei, the epicenter of the outbreak, was lifted in early April. Sporadic clusters remain a source of concern in the northeast.
