The Ministry of Finance announced Thursday that it has expanded its trial municipal bond program, allowing more local governments to issue bonds directly and assume a larger role in managing their own finances, The Wall Street Journal reported. Shandong and Jiangsu, two wealthy coastal provinces, have been added to the small group of governments authorized to issue bonds, which includes the provinces of Guangdong and Zhejiang and the cities of Shenzhen and Shanghai. The program was first launched in 2011. Beijing is keen to help better-managed municipalities raise funds in a bid to offset slowing economic growth.
