BEIJING: China’s government plans to spend 250 billion yuan ($40.3 billion) to foster growth in areas of the economy most in need of support, the Chinese Cabinet said on Wednesday. The State Council said after a weekly meeting that authorities will also accelerate construction of big public services projects, such as the building of roads and water conservancy facilities. The Cabinet did not comment on China’s plunging stock market, which has slumped nearly one- third since mid-June, after having more than doubled before the sell-off.

Tax-free bonds

MUMBAI: India has permitted seven companies to issue tax-free bonds worth INR 400 billion ($6.29 billion) in the current financial year that started in April, according to a government circular. The ceiling coupon rate for AAA-rated issuer of tax-free bonds has been fixed at 55 basis points below the government bond yield for retail investors and 80 basis points for other investors, the circular showed. National Highways Authority of India, Indian Railways Finance Corporation, Housing and Urban Development Corporation, Indian Renewable Energy Development Agency, Power Finance Corporation, Rural Electrification Corporation and NTPC can issue the tax-free bonds, according to the circular.