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China’s Slow Bond Offerings to Dent Infra Investment More Than Initially Expected

August 20, 2021 by Forex Winner Leave a Comment

China’s Slow Bond Offerings to Dent Infra Investment More Than Initially Expected

Source: Bloomberg

The slow rollout of China’s bonds to local governments will hit the country’s infrastructure program more than anticipated, coupled with curbs on the property market.

  • Local government special bonds will have reached 1.8 trillion yuan or $277 billion by the end of the month, accounting for 48% or less than half of the 2021 quota.
  • This is slower than the 75% sold at the same time last year when spending was stepped up to drive growth amid the COVID-19 pandemic.
  • According to analysts, this would then delay infrastructure investment, which grows three to six months after bonds are issued.
  • Bonds issued after September will then have minimal impact on infrastructure spending this year.
  • Infrastructure spending plunged by 10% in July, the worst performance since February 2020. Spending was down 1.6% on a two-year basis.
  • Slow spending is also likely due to a perceived lack of willpower from local governments, lack of quality projects, and stringent reviews.
  • Local governments also have less money due to restrictions on land sales and pressures to cut debt.
  • Government units are now looking at saving some of the 2021 quotas for December to finance projects for 2021.

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