The latest official data indicates that over 80% of the annual quota for new local government bond issuance was completed by the end of July, two months prior to the proposed deadline for full issuance.
As of the end of July 3.3931 trillion yuan in local government bonds had been issued 2019, including 2.5529 new local government bonds, accounting for 83% of the full year new local government bond quota.
In July alone 555.9 billion yuan in local government bonds were issued, including 376.5 billion yuan in new local government bonds, 158.4 billion yuan in refinancing bonds and 21 billion yuan in replacement bonds.
In April of this year the Ministry of Finance issued the “Ministry of Finance Opinions Concerning Properly Performing Local Government Bond Issuance Work” (财政部关于做好地方政府债券发行工作的意见), which called for local governments to “rationally control the pace of issuance” and pragmatically accelerate the schedule for bond issuance.”
The Opinions called for the complete issuance of the full year new bond quota before the end of September.