Local governments in China issued RMB 489 billion ($68.9 billion) in new special bonds in August 2025, according to the Ministry of Finance. This represents a 20.7 percent decrease from July, when RMB 617 billion was issued.
Between January and August 2025, issuance reached a total of RMB 3.27 trillion ($0.46 trillion).
The proceeds are primarily being used to finance major infrastructure and development projects, including urban renewal, emerging industries, water conservancy, transportation, and energy projects.
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