China allows 4 local govts to issue bonds

Updated: 2011-10-20 17:29


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BEIJING -- China's four local governments got approval to issue their own bonds, a move which is expected to ease their financial strains and curb the fast-spreading debt risks.

The State Council, or cabinet, has allowed Shanghai, Shenzhen, Zhejiang province and Guangdong province to conduct the pilot program in 2011, the Ministry of Finance said on its website.