Reuters reports, citing China's state media, that the country's cabinet stated on Monday that the issuance of local government bonds is planned to be quickened in order to help increase effective investment and support the Chinese economy as well.
The cabinet said that China will speed up the issuance of local special bonds under this year's quota, while the funds from 1.2 trillion yuan in local bonds, which were issued in the fourth quarter of 2021, will be invested into projects as soon as possible.
According to the cabinet, higher government spending is to help increase private investment in the first quarter.
In addition, China plans to expand final consumption.