Kim Kyung-Hoon | ReutersBEIJING — Chinese authorities late Tuesday announced one of the biggest changes to the national budget in years, along with the issuance of 1 trillion yuan in ($137 billion) in government bonds.
Chinese state media said the 1 trillion yuan in central government issuance is set to be transferred to local governments in two parts, half for this year and half for next year.
"It is roughly around 5% of transfer revenues or 2% of total revenues for the local governments," Yin said.
"Note a special program has already been started since October, allowing local governments to issue special refinancing bonds to swap their outstanding hidden debt.
Goldman Sachs analysts estimated the early issuance could be as much as 2.7 trillion yuan, based on prior government practice.
Persons:
Kim Kyung, Hoon, Larry Hu, it's, Ting Lu, Yin, Nomura's Lu, Ricky Tsang, they're, Tsang, —, Goldman Sachs, Macquarie's Hu, It's
Organizations:
Reuters, Macquarie, Monetary Fund, People's Bank of
Locations:
Beijing, Reuters BEIJING, China, Hong Kong, People's Bank of China