On 2 July 2018, China's Ministry of Housing & Urban-Rural Development (MOHURD) published its Consultation Paper in Respect of Accelerating & Advancing a Framework for Construction Project Guarantees (Consultation Paper). The Consultation Paper recommends that by 2020, at least 30% of all construction projects are secured by way of various forms of 'Guarantee Letters', rather than by the current predominance of various cash security instruments. For these purposes, Guarantee Letters can include bank guarantees, project guaranty company guarantees and surety-bonds issued by authorised insurers.

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