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Haikou Jiangdong New Area
News for Outlets

SW China's Sichuan issues over RMB8 bln of culture and tourism bonds

May 21, 2020


Abstract : By the end of March, China’s Sichuan had issued 16 special cultural and tourism bonds with a total value of 8.23 billion yuan, ranking among the top level in China, according to a video promotion conference on special bonds for major culture and tourism projects, reported Chinanews lately.

BEIJING, May 21 (Xinhua) -- By the end of March this year, China's Sichuan province had issued 16 batch special culture and tourism bonds with a total value of 8.23 billion yuan, ranking among the top level in China, according to a video conference on special bonds for Sichuan's major culture and tourism projects promotion, reported Chinanews lately.

Sichuan has been playing a leading role in China's culture and tourism special bond issuance. On August 20, 2018, Sichuan issued the Jinjiang 198 LOHAS Greenway Special Bond, China's first culture and tourism special bond, on the Shanghai Stock Exchange.

By the end of March this year, a total of 23 local government special bonds related to culture and tourism had been issued in China, totaling 13.259 billion yuan, of which 16 bonds were issued by Sichuan province, accounting for 69.6 percent of the total.

Sichuan is rich in tourism resources and is a pioneer in the innovation of culture and tourism special bond which has already formed a mature mechanism. That's the reason why Sichuan has been playing a leading role in China's culture and tourism special bond issuance, according to Yu Yue, general manager of the institutional client department of China Merchants Bank.

According to the report, Sichuan Provincial Department of Culture and Tourism will fully use the special bonds to accelerate the implementation of major culture and tourism projects, stabilize investments and facilitate work and production resumption in tourism industry.

In addition, more related culture and tourism bonds investment matching activities will be held and the financial support for tourism industry will be strengthened in order to help the enterprises to solve financing difficulties.

Local government special bonds refer to the bonds issued by local government to raise funds for the construction of public welfare projects with certain profits, which are repaid by the revenues from government-managed funds and special revenues, and are included in the budget management, providing one of the main financing channels for local governments.

In 2019, a total of 2.15 trillion yuan of local government bonds were issued nationwide.  (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)

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Keyword: Sichuan government special bonds culture and tourism bonds

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