NDRC halts special construction bonds

China’s top economic planner appears to have temporarily halted a program that has channeled nearly 2 trillion yuan to government-backed infrastructure projects amid concerns that banks have shown little interest in participating, Caixin reports. Since June, the National Development and Reform Commission (NDRC) has not announced any new projects to tap the program, where two policy banks, National Development Bank and the Agricultural Development Bank of China, issue a special type of bonds to help finance construction projects. New approvals had been expected in July, but were delayed because the government wants to evaluate the results of earlier investments. The NDRC would not approve any new investments by the fund until the review ends, according to the people. It is unclear how long this may last.