经济大省四川调整预算，增加举债扩大支出稳经济

Core Viewpoint - The increase in local government debt limits, particularly in Sichuan, is expected to accelerate bond issuance, channeling more funds into major project construction, thereby supporting stable economic growth [1][2]. Group 1: Debt Limit and Budget Adjustments - Sichuan's new local government debt limit for 2025 is set at 269.9 billion yuan, which is an increase of 16.1 billion yuan or approximately 6.3% compared to last year's limit of 253.8 billion yuan [1][2]. - The new debt limit accounts for about 5.2% of the national total new local government debt limit of 5.2 trillion yuan, aligning closely with Sichuan's local fiscal revenue share [1][2]. - The budget adjustment report indicates that Sichuan plans to borrow an additional 118.2 billion yuan this year, following the approval of the new debt limit [2]. Group 2: Financing and Debt Management - The issuance of refinancing bonds is crucial for local governments to manage repayment pressures, with Sichuan's refinancing bond issuance limit set at 115.51 billion yuan, strictly for repaying maturing bonds [3]. - By the end of 2024, Sichuan's total local government debt is projected to rise to 2.77371 trillion yuan, remaining within the debt limit of 2.96017 trillion yuan, indicating manageable debt risk [5]. Group 3: Fiscal Policy and Expenditure - The budget adjustment includes an increase in general public budget expenditure by 74.48 billion yuan, raising the total to 1.41707 trillion yuan, reflecting a commitment to expand fiscal spending [5]. - Government fund expenditures are also set to increase by 113.31 billion yuan, totaling 622.94 billion yuan, showcasing the implementation of proactive fiscal policies [5]. Group 4: Project Funding and Management - The distribution of the new debt limit will favor regions with significant projects and strong economic management, focusing on key areas such as modern infrastructure and public welfare [7]. - Sichuan is implementing a "self-audit and self-issue" policy for special bonds, allowing for quicker project financing and emphasizing the importance of project quality and readiness [8]. Group 5: Debt Risk Mitigation - To mitigate hidden debt risks, Sichuan is part of a national initiative to issue 6 trillion yuan in refinancing bonds, with a specific allocation of 344.4 billion yuan for the province [9]. - The province is enhancing debt management strategies, including strict oversight of financing plans and efforts to replace non-standard debts to prevent defaults [9].