BEIJING (Reuters) – China will set up a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) to spur infrastructure spending and revive a flagging economy, two people with knowledge of the matter told Reuters on Tuesday.
China will issue 2023 advance quota for local government special bonds in the fourth quarter, they added.
The Ministry of Finance and the National Development and Reform Commission did not immediately respond to Reuters’ requests for comment.
($1 = 6.6939 Chinese yuan renminbi)
(Reporting by Xiangming Hou and Kevin Yao; Writing by Stella Qiu; Editing by Christopher Cushing)