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City will issue bonds to fund building projects
By Zhang Fengming |
June 9, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI increased its 2011 expenditure budget with a plan to sell local government bonds to fund its affordable housing and infrastructure projects.
The budget for affordable housing more than tripled to 2.2 billion yuan (US$338 million) this year from a previously planned 700 million yuan, according to a revised budget made by Shanghai Finance Bureau.
The budget for infrastructure is raised to 32.3 billion yuan from 26.7 billion yuan.
Shanghai plans to float 7.1 billion yuan worth of government bonds to fund its expanding expenditure. About 3.6 billion yuan of bonds will have a maturity of three years, with the remaining 3.5 billion yuan with a life span of five years.
Clean water project, modernized hospital buildings in rural districts, elevated roads, and railway construction will benefit from the bond plan.
The Standing Committee of Shanghai People's Congress, the city's top legislative body, approved the bond plan proposed by the city government as it closed a three-day session today.
Shanghai scaled up its fiscal income to 134.6 billion yuan this year as a result of the bond issuing. The added expenditure will keep income and spending in balance.
The budget for affordable housing more than tripled to 2.2 billion yuan (US$338 million) this year from a previously planned 700 million yuan, according to a revised budget made by Shanghai Finance Bureau.
The budget for infrastructure is raised to 32.3 billion yuan from 26.7 billion yuan.
Shanghai plans to float 7.1 billion yuan worth of government bonds to fund its expanding expenditure. About 3.6 billion yuan of bonds will have a maturity of three years, with the remaining 3.5 billion yuan with a life span of five years.
Clean water project, modernized hospital buildings in rural districts, elevated roads, and railway construction will benefit from the bond plan.
The Standing Committee of Shanghai People's Congress, the city's top legislative body, approved the bond plan proposed by the city government as it closed a three-day session today.
Shanghai scaled up its fiscal income to 134.6 billion yuan this year as a result of the bond issuing. The added expenditure will keep income and spending in balance.
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