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China Announces Second Batch of Public Investments
The leading administrative authority in China, the National Development and Reform Commission (NDRC), announced on Saturday the identification of a new group of public investment projects. These projects, including those focusing on flood control and disaster management, are part of a bond-issuance and investment program introduced in October to stimulate economic growth.
China Encashes 80% of Its Additional Government Bond Issuance
With the recent allocation, China has earmarked over 800 billion yuan from its 1 trillion yuan ($140 billion) in extra government bond issuance in the Q4. The move is a part of China's strategic fiscal measures to bolster its struggling economy.
China Targets 9,600 Projects for Investment
The NDRC stated on Saturday that it has identified 9,600 projects planned for investment, aggregating more than 560 billion yuan. This move comes as China's economy, the world's second-largest, battles to find stable ground post-COVID-19.
1 Trillion Yuan Bond Issuance to Inflate China's Deficit Ratio
State-run news agency Xinhua reported that the additional bond issuance of 1 trillion yuan would increase China's 2023 budget deficit ratio from 3 percent to roughly 3.8 percent.
Focus on Enhancing Disaster Relief Capacities
The NDRC said that these projects aim to strengthen China's flood control system, emergency response mechanism, and disaster relief capabilities. Moreover, the projects aim to offer better protection to people's lives and properties, making their implementation crucial.
Ensuring Efficient Allocation of Funds and Quality Assurance
The agency will work in tandem with other government bodies to secure prompt allocation of funds for investment. It also emphasizes maintaining high-quality standards in project construction.
