16 Provinces Issue More Bonds in H1 Than in All of 2015

According to "Economic Information Daily" statistics, as of July 27, China's local government bond issuance reached 3.77 trillion yuan, approaching the total circulation of 3.8 trillion yuan last year. Among them, the new bond issuance amounted to 963.1 billion yuan, accounting for 25.56% of the total issued, exceeded 1.18 trillion annual index of eighty percent.

Regionally, the statistics show in the first half, Jiangsu, Shandong, Zhejiang, Guangdong, Sichuan, Hubei and other issuance volume of 1800 billion yuan, issued the largest amount of Jiangsu Province reached 241.66 billion yuan, and there are 16 provinces half of local government debt issuance has exceeded the 2015 full year, particularly in Guangdong, Hubei, Shandong, Hebei, Tianjin, more than 2015 annual issuance volume by more than 48.1 billion yuan, 32.3 billion yuan, 32.3 billion yuan, 26 billion yuan and 243 billion.

From the time of issuance, the local debt issuance rhythm rendering speed characteristics: a quarter issued 955.42 billion yuan, 2.62 trillion yuan issued in the second quarter. As of the end of June, the amount of local government debt reached 8.29 trillion yuan custodian. Guotai Junan [0.00%] Equity Research expects the 2016 local government debt issue size, the estimated annual issuance volume of 5 trillion to 6 trillion yuan, including: new general local government debt is about 850 billion yuan, including 600 billion yuan local budget deficit and 234.6 billion yuan of local government debt maturity; new projects 150 billion yuan in local government bonds to make up the national government budget revenue fund; local government debt is expected displacement 4 trillion to 5 trillion yuan.
iFeng: 16省半年地方债发行达3.77万亿 发债规模超去年全年

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