China is selling its first batch of long-term bonds this week

China will start selling an initial batch of long-term bonds this week, the Finance Ministry said, AFP reported.

The central government will start issuing some 30-year bonds from May 17 as part of a planned debt sale worth more than $138 billion.

Other 20- and 50-year bonds will go on sale on May 24 and June 14, respectively. The Ministry of Finance did not specify the number of bonds to be issued.

A volatile real estate market and high unemployment - especially among young people - are among the main problems holding back China's economy.

The government has set a target of around 5% growth this year, a figure considered too ambitious by many economists.

The bond sale has been hinted at in recent months by Beijing, with Premier Li Qiang saying in March that such measures would be used to support major projects of strategic importance.

China has only sold such government bonds on a few occasions in times of severe economic distress, such as in early 2020, to help fund efforts to fight the pandemic.

Consumer prices in the country have been in positive territory for three consecutive months, official data showed, but domestic spending remains relatively weak. /BGNES