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Chinese Flock to Buy Government Bonds
Local residents have flocked to banks to buy this year's first issue of government bonds for higher financial returns, some experts here observed.
The government issued the bonds, totaling 60 billion yuan, on March 1 and April 1, respectively, which were bought up within the morning.
The same scene occurred Tuesday, when an additional 20 billion yuan in state bonds were put on sale in local banks.
Experts here attributed the people's hot pursuit for the bonds to their higher interest rates, compared with the savings deposits, as well as the fluctuating, risky stock market.
The interest rate for the three-year savings deposits is 2.7 percent and meanwhile, the depositor has to pay a 20 percent interest tax.
While purchasing the bonds, the buyers get a 2.8 percent interest rate and also enjoy tax exemption for the interest on the bonds.
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