CHINA PRESS: Half Of Special Bonds For Traditional Infrastructure In 2023

About 50% of the special bonds will be invested in "traditional infrastructure" such as transportation and industrial parks, which leaves room for funding investment in the digital economy and smart cities, according to Securities Daily. Citing experts, the paper said February's issuance of local government bonds was up 13% y/y, with new bond issuance for 2023 expected to rise slightly compared with that in 2022. It was still necessary to maintain fiscal intensity this year, as investment was an important pillar in China’s troika of economic engines. According to the paper, the focus should be on ensuring the profitability of projects chosen for funding.