As decided at the Two Sessions government meetings in Beijing, China aims to issue RMB 4.4 trillion ($0.6 trillion) of local government special bonds in 2025, which will be the largest annual government bond issue ever.
For 2025, China has set a GDP growth target of five percent, with the inflation and budget deficit ratio targets set at two percent and four percent, respectively. In 2025, China’s ultra-long special government bonds will amount to RMB 1.3 trillion ($0.18 trillion), increasing by RMB 0.3 trillion year on year.