China to issue 3rd batch of special bonds for COVID-19 control

China will issue the third batch of special government bonds for COVID-19 control amid efforts to balance epidemic control with economic and social development, the Ministry of Finance said on June 16.

The 10-year fixed-rate bonds, worth 70 billion yuan (about $9.89 billion), will be available for tenders on June 23 and become tradable on June 30, according to a statement on the ministry's website.

On June 15, the ministry announced the issuance of the first two batches of special government bonds, including 50 billion yuan of five-year bonds and 50 billion yuan of seven-year bonds. Both will be listed and traded on June 23, 2020.

China will pursue a more proactive and impactful fiscal policy, setting its fiscal deficit above 3.6 percent of GDP and issuing 1 trillion yuan of government bonds for COVID-19 control this year to release more funds for companies and individuals.