China Development Bank issues bonds for rural infrastructure construction

Xinhua, June 26, 2023
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This photo taken on May 25, 2023 shows a view of the rice-fish co-culture system in Longxian Village of Qingtian County, east China's Zhejiang Province. (Xinhua/Du Xiaoyi)

The China Development Bank, one of the country's policy banks, has issued 19 billion yuan (about 2.65 billion U.S. dollars) of special financial bonds to support agricultural and rural infrastructure construction.

The funds raised will mainly be used for rural infrastructure projects in fields such as high-standard farmland and water supply in an effort to improve grain production capacity, safeguard food security, and promote agricultural and rural modernization, according to the bank.

The issuance will guide social funds to rural infrastructure through market-based financing, and help advance rural revitalization across the board and build up China's strength in agriculture.

In breakdown, 16 billion yuan of 10-year bonds were issued at an interest rate of 2.75 percent, and the other 3 billion yuan of 20-year bonds were issued at an interest rate of 3.11 percent.