May 21, 2014 / 3:55 AM / 3 years ago

China to let 10 local governments sell municipal bonds

BEIJING, May 21 (Reuters) - China will allow 10 local governments to sell municipal bonds in an experiment to clean up messy state budgets, the Finance Ministry said on Wednesday.

The governments are those in Shanghai, Zhejiang, Guangdong, Shenzhen, Jiangsu, Shandong, Beijing, Qingdao, Ningxia and Jiangxi, the ministry said in a statement on its website.

The amount of money that can be raised through bond sales cannot exceed a limit set by China's cabinet for the year, the ministry said.

Reporting by Koh Gui Qing; Editing by Kim Coghill

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