BEIJING, April 3 (Xinhua) -- Granted by the local government, the Industrial and Commercial Bank of China (ICBC) recently issued the first batch of local government bonds over the counter in Beijing, Zhejiang, Sichuan, Shaanxi, and Shandong, according to ICBC.
An aggregate amount of bonds at 1.77 billion yuan had sold out by April 1, 2019, ICBC announced.
Source with the bond industry said the move was to broaden the channels for local government bonds issuance as well as meet the investment needs of individuals.
Special bonds, however, will be prioritized so as to stabilize investment, expand domestic demand and strengthen the weak links of economic performance, according to the local authority.
As the leading bonds issuer in China's inter-bank bond market, ICBC was granted as one of the pilot banks of counter bond business in 2002. (Edited by Jiang Feifan)