Trial program to issue 109b yuan in local govt bonds

China's 10 local governments will issue a combined 109.2 billion yuan ($17.52 billion) worth of bonds this year under a trial program, the Finance Ministry said on Thursday.

The amount is made up more than one quarter of the 400 billion yuan total quota of the local government bond.

Unlike other local governments, the 10 governments in the trial program could issue the bond and repay the principal and interest on their own discretion.

The ministry said the annual quota for the 10 governments is only effective within one year and can't be rolled over to subsequent years.

Below is the quota for each local government:

Jiangsu province - 17.4 billion yuan

Guandong province - 14.8 billion yuan

Jiangxi province - 14.3 billion yuan

Shanghai - 12.6 billion yuan

Zhejiang province - 13.7 billion yuan

Shandong province - 13.7 billion yuan

Beijing - 10.5 billion yuan

Ningxia - 5.5 billion yuan

Shenzhen - 4.2 billion yuan

Qingdao - 2.5 billion yuan

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