Wenzhou is considering the direct issue of municipal government debt as part of financial reform, Economic Information Daily reported Thursday, citing Zhu Congjiu, deputy governor of Zhejiang province. The local government will launch a trial program for direct bond sales at the appropriate time, Zhu was quoted as saying. China allows six local governments to sell bonds directly on the debt market, bypassing the Ministry of Finance. These are Shanghai, Shenzhen, Guangdong, Zhejiang, Jiangsu and Shandong. Meanwhile, Wenzhou is planning to allow individuals to directly invest overseas under a pilot scheme, the report said.
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