China to issue additional government bonds to support disaster relief

BEIJING, Oct. 24 (Xinhua) -- The Chinese central government will issue 1 trillion yuan (about 139.3 billion U.S. dollars) in additional government bonds in the fourth quarter to support the rebuilding of disaster-hit areas and raise the country's disaster relief capabilities.

The bonds will be transferred to local governments. A total of 500 billion yuan will be used this year, and another 500 billion yuan will be carried over to next year.

The sixth session of the 14th National People's Congress Standing Committee passed a decision to approve the State Council to issue additional government bonds and adjust the 2023 central budget plan.

The funds will be utilized in eight major areas, including rebuilding disaster-hit areas, key flood control projects, natural disaster emergency capacity improvement, and urban drainage and waterlogging prevention and control.

The issuing of bonds will widen the country's 2023 budget deficit ratio to around 3.8 percent from 3 percent.