Hong Kong, 10 January 2022 -- The Research Institute of China Chengxin International Credit Rating Co., Ltd has recently issued a report entitled “Accelerating Issuance of Local Government Special Bonds under Cross-cyclical Adjustments, Forestall Risks in Front-loaded Spending under Growth Stabilization Policy --2021 Review and 2022 Outlook on Local Government Special Bonds”. The report notes that, with a focus on the post-epidemic economic development and the demand for shoring up weaker areas, special bonds gave priority to supporting existing projects in 2021, actively promoted the development of new-era infrastructure, new-type urbanization and major projects and were innovatively applied to the capital replenishment of small and medium-sized banks, rural vitalization, green and low-carbon fields. Offshore RMB special bonds were innovatively issued to effectively strengthen weaker areas, adjust structure and stabilize investment.

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