China to Issue $137 Billion in Infrastructure Bonds for Flood Control and Economic Growth

China set to approve over $137 billion in extra sovereign debt on Tuesday to boost infrastructure spending and economic growth
New debt issuance approved by China's legislature, to be issued starting November
Nearly half of proceeds to go towards water conservation and flood prevention projects
Rest to fund disaster reconstruction and farmland development
Comes after summer flooding devastated parts of northern and northeastern China
Latest measure as Beijing tries to shore up economy amid property crisis and other headwinds