专项债又现新用途：投向政府投资引导基金

Core Viewpoint - The expansion of local government special bonds into new areas, including their allocation to government investment guidance funds, is a significant policy innovation aimed at leveraging fiscal funds to attract social capital and promote industrial upgrades [1][2]. Group 1: Special Bonds and Their New Uses - The Beijing government plans to issue 10-year special bonds worth 10 billion yuan, with funds directed towards a government investment guidance fund, marking a first in the nation [1]. - This innovative use of special bonds is expected to stimulate local industrial upgrades by leveraging fiscal funds to attract social capital [1]. Group 2: Policy Changes and Management Mechanisms - The State Council's recent opinion emphasizes expanding the scope of special bonds, including a "negative list" for project eligibility, which excludes non-revenue-generating projects and certain real estate developments [2]. - The new management mechanism aims to ensure that special bonds are not used for regular expenditures, thereby enhancing the focus on productive investments [2]. Group 3: Economic Impact and Resource Allocation - The expansion of special bond allocations is anticipated to activate the real economy by extending funding from traditional infrastructure to emerging industries, directly improving corporate cash flow and economic circulation [3]. - The strategy is expected to optimize resource allocation by directing funds towards land acquisition and affordable housing, thus enhancing public service quality and accelerating real estate market inventory reduction [3]. - The initiative is projected to enhance the effectiveness of fiscal policies, maximizing the leverage of fiscal funds to meet diverse funding needs across various sectors [3].