China Taps State Firms for $69 Billion Bond Sales to Spur Growth

China has approved a bond quota totaling 500 billion yuan ($69 billion) that will allow two state-owned asset managers to issue notes to fund investments in projects aimed at boosting economic growth.

The State Council, China’s cabinet, gave the go-ahead for China Reform Holdings Corp. to issue 300 billion yuan of “bonds for stabilizing the economy and expanding investment,” according to bond sale documents. China Chengtong Holdings Group will offer 200 billion yuan of the notes, according to its filing with Chinamoney.cn.

The proceeds from the offerings must be invested in projects focused on technology or strategic emerging industries and ...