China to speed issuance of debt earmarked for infrastructure projects

China has ordered local governments to speed up the issuance of debt earmarked for infrastructure projects so that the proceeds can be invested early in 2020 to help shore up the slowing economy. All localities are required to allocate the recently issued “special bond” quota of 1 trillion yuan ($142 billion) “as soon as possible” to specific projects, the Ministry of Finance said in a statement late Wednesday. There were no details on when the sales will actually begin, or what the total quota for 2020 will be. (Bloomberg)


Donald Trump signed a bill into law that expresses U.S. support for Hong Kong protesters, a move that will strain relations with China and further complicate the president’s effort to wind down his trade war with Beijing. Trump signed the measure on Wednesday, theWhite House said in a statement. (Bloomberg)


After Hong Kong’s pro-democracy candidates scored a landslide win in local elections, Chinese state media called the results “skewed” and a “setback” for the city’s drive for democracy. Pan-democrats in Hong Kong won almost 90% of 452 district council seats in Sunday’s elections — widely seen as a barometer of public sentiment after months of social unrest in the special administrative region. The results were also a stinging rebuke to Beijing-backed chief executive Carrie Lam and her administration. (CNBC)




Source: Danareksa Sekuritas Debt Research
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