Iron ore tracking back higher today. China will be starting new infrastructure projects shortly.
China – Record amount of infrastructure bond sales planned by end of June
- China’s provinces are set to sell a historic amount of new special bonds by the end of June as part of an infrastructure push which aims to rescue the struggling Chinese economy.
- Authorities have asked local governments to issue all of this year’s new special bonds by the end of next month – equating to 2.25 trillion yuan ($336bn).
- The move shows how authorities are relying on fiscal spending and infrastructure projects to help bolster the economy.
- It remains to be seen how easily this can be implemented given the issues Chinese developers are currently having.
- Persisting supply chain issues around metals other goods could also make this huge investment push harder to implement.
Quarterly predictions, page-695
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