China allocates first batch of funds raised by 1-trln-yuan additional gov't bonds

BEIJING, Dec. 18 (Xinhua) -- China has allocated the first batch of funds raised by the issuance of an additional 1-trillion-yuan (about 140.98 billion U.S. dollars) of government bonds for disaster relief and response.

The Ministry of Finance (MOF) said Monday that a total of 237.9 billion yuan has been transferred to local governments.

The bond issuance was approved by the National People's Congress Standing Committee in October 2023.

Of the total, 107.5 billion yuan will be used for disaster relief, reconstruction, and disaster response, 125.4 billion yuan for improving and restoring 54 million mu (3.6 million hectares) of farmland in 1,336 counties nationwide, and 5 billion yuan for the construction of meteorological infrastructure.

The rest of the funds raised by the bond issuance will be allocated in batches according to project reviews, said Wang Jianfan, an MOF official, who also vowed to make sure the money will be spent effectively.