The Chinese government may raise an additional 6 trillion yuan from treasury bonds over three years as part of its fiscal stimulus plan to boost the economy, the news website Caixin Global reported late Monday.
The proceeds from the bond issue are expected to be partly used to help local governments resolve their off-the-books debts, the report said citing multiple sources with knowledge of the matter.
The Ministry of Finance pledged more support to the property market and also to indebted local governments, over the weekend.
Last week, the National Development and Reform Commission said an additional 1 trillion yuan of ultra-long special treasury bonds has been fully allocated to the projects and local governments and the government will continue issuing ultra-long special treasury bonds in 2025.
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