China allocates 2nd batch of funds raised by 1-trln-yuan additional gov't bonds

China has allocated the second batch of funds raised by the issuance of an additional 1-trillion-yuan (US$140.94 billion) of government bonds for flood control and other projects.

The National Development and Reform Commission (NDRC), the country's top economic planner, said Saturday that the second batch of funds raised by the additional government bonds involves over 560 billion yuan for 9,600 projects.

The first two batches of funds totaled more than 800 billion yuan, according to the NDRC. It said most of the funds raised by the additional 1-trillion-yuan government bonds had been allocated to specific projects so far.

The projects financed by the second batch of funds include backbone flood-control projects mainly in the Haihe River, Songhua River basins and other regions in northern China, irrigation facilities, soil-erosion management projects, upgrading of urban rainwater drainage systems, among others.

The NDRC said that it will work with other departments to accelerate the progress of the projects.