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Proposed budget law revision tightens local government bond issuance

06-26-2012 11:31 BJT

BEIJING, June 26 (Xinhua) -- The draft revision to the budget law, tabled for the second reading Tuesday, bans local governments in China from issuing government bonds.

The bill was submitted at the bi-monthly session of the National People's Congress (NPC) Standing Committee, which runs from Tuesday to Saturday.

According to the bill, the financial department of the central government can issue bonds on behalf of local governments only under the permission of the laws and regulations issued by the State Council.

Editor:Sun Luying |Source: Xinhua

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