专项债优化，怎么看？——专项债“新政”解读

Core Viewpoint - The article discusses the recent opinions released by the State Council on optimizing and improving the management mechanism of local government special bonds, emphasizing the acceleration of investment projects and the management of bond issuance [1][2]. Group 1: Special Bonds and Investment - The direction of special bonds has shifted to a "negative list" and "positive list" management model, facilitating local governments to expedite investment project progress [1]. - The "negative list" includes non-revenue projects and certain real estate developments, while the "positive list" expands the use of special bonds for emerging industries such as digital economy and urban renewal [1][2]. - The proportion of special bonds used as project capital has been increased, allowing for a broader range of projects to be funded [1][2]. Group 2: Audit Mechanism Changes - The new opinions allow major economic provinces to conduct "self-audit and self-issue" pilot projects for special bond projects, streamlining the approval process [2]. - Pilot regions, including major cities and provinces, can organize and approve their project lists without needing further national review, expediting the issuance of special bonds [2]. Group 3: Debt Risk Prevention - There is an increased emphasis on preventing debt risks, with provisions allowing local governments to arrange project subsidy funds and establish debt repayment reserve funds [3][4]. - The opinions highlight the need for local governments to balance financing revenues from special bond projects and ensure timely repayment of debts [4][6]. Group 4: Overall Optimization - The opinions represent a comprehensive optimization of the special bond issuance and usage process, addressing various aspects such as project direction, budget balance, audit management, and regulatory oversight [6]. - The anticipated acceleration of special bond issuance in 2025 is expected to have a direct impact on stabilizing economic growth, aligning with the central government's push for timely and effective economic measures [6].