# debt limits

China Advances Local Bond Quotas: Guangdong Leads as Provinces Ready 2.4 Trillion Yuan for Early Issuance

Nineteen Chinese provinces have revealed advance allocations of next year’s local government borrowing limits totalling about 2.4 trillion yuan, with Guangdong receiving the largest share. The advance quotas — dominated by special-purpose bonds and often re-lent by provinces to cities and counties — are meant to speed infrastructure financing and stabilise investment, but they raise questions about transparency and contingent debt risks.