Beijing to issue $1.48b bonds

Beijing is scheduled to issue 9.3 billion yuan ($1.48 billion) in government bonds in 2013, of which more than half will be invested in ecologically related sectors, according to a statement to lawmakers on Thursday by Beijing municipal's finance bureau director.

The statement said the 9.3 billion yuan bonds will be invested in five major categories and 33 projects.

About 41 percent of the bonds will be used for forestation.

This is the fifth year that Beijing has issued local government bonds. Only certain cities have received government approval to issue them.