Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Free Webinar - Crude Oil Trading 2023 | Thursday, February 9, 2023 | 01:00PM PST Enroll Now
China offers loans of $42 billion for infrastructure spending
© Reuters. FILE PHOTO: A construction worker looks over the wall, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, September 22, 2022. REUTERS/Aly Song
BEIJING (Reuters) - China has distributed an additional 300 billion yuan ($42 billion) allocated for infrastructure projects through three state policy banks as of Wednesday, the official Securities Times reported on Thursday.
The increased funding was part of policymakers' support to spur growth in the world's second-biggest economy by issuing debt to fund big public works projects.
China's cabinet on Aug.24 offered another slew of stimulus to revive the country's faltering economy, including raising the quota on policy financing tools by 300 billion yuan.
The Export-Import Bank of China has offered its 50 billion yuan, totally funding 106 major projects, the newspaper said.
As of Sept. 17, Agricultural Development Bank of China has offered 100 billion yuan in loans on 732 projects, it said.
As of Sept. 20, China Development Bank has distributed 150 billion yuan in loans on 421 projects.
Funds from over 500 billion yuan in special bonds under carryover quotas from 2019 which are sold by local government, will be used for infrastructure projects in the fourth quarter, ensuring growth in infrastructure investment of around 10% for the whole year, the newspaper said.
China narrowly escaped an economic contraction in the June quarter, weighed by a deepening property slump, slowing consumption and strict COVID-19 restrictions.
($1 = 7.1715 Chinese yuan renminbi)
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.