近2万亿元！再融资专项债券快速发行

Group 1 - The issuance of refinancing special bonds by local governments has reached nearly 2 trillion yuan, with several provinces completing their annual issuance tasks ahead of schedule [1][3] - Experts believe that the early issuance of refinancing special bonds highlights a clear direction of proactive fiscal policy, providing more fiscal space for local economic stability [2][6] - As of June 11, the total issuance of refinancing special bonds by local governments has reached 19,281.24 billion yuan, with additional plans from Shandong, Yunnan, and Beijing bringing the total to 20,300 billion yuan [3][7] Group 2 - Jiangsu Province leads in issuance with 2,781.42 billion yuan, followed by Shandong, Beijing, Yunnan, and others, all exceeding 1,000 billion yuan [4][5] - The majority of the refinancing special bonds issued this year are long-term, with 73.21% of the 224 bonds having a maturity of at least 10 years [6] - The interest rates for refinancing special bonds are generally low, with 30-year bonds ranging from 1.90% to 2.35% [6] Group 3 - The National People's Congress has approved an increase of 60,000 billion yuan in local government debt limits to replace hidden debts, with 20,000 billion yuan allocated annually from 2024 to 2026 [7][8] - The government work report emphasizes the need to balance debt resolution with development quality and fiscal sustainability [8] - The shift in local debt management from risk prevention to a dual focus on risk prevention and development promotion is noted as a significant change in strategy [8]