Group 1 - The core viewpoint of the articles indicates that local government bond issuance has slowed down in the first half of the year, with a total issuance of approximately 5.36 trillion yuan, and a net issuance of about 2.48 trillion yuan, which is a decrease of over 4 trillion yuan compared to the same period last year [1][2] - Analysts expect that the issuance of local government bonds will accelerate in the third quarter, as the pace of replacement bond issuance has been notably advanced [1][2][6] - The issuance of special bonds for refinancing has begun to speed up, with 33 regions disclosing plans to issue refinancing special bonds totaling nearly 1.8 trillion yuan, aimed at replacing hidden debts [5][6] Group 2 - The government bond supply has shown significant growth compared to last year, with a year-on-year increase of 4.1 trillion yuan in issuance and a net financing increase of 4.4 trillion yuan, providing substantial support for social financing [2] - As of June 27, the total issuance volume of local bonds in June reached over 1 trillion yuan, with a net issuance of 7028.51 billion yuan, indicating a more proactive fiscal policy [6] - The 2025 plan for local bond issuance in the third quarter is estimated at 21.83 trillion yuan, with new special bonds accounting for 12.18 trillion yuan, reflecting a significant increase compared to the previous year [6][8]
前六月净发行减少4.3万亿元 三季度供给节奏有望提速
Xin Hua Cai Jing·2025-06-27 10:16