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一季度地方债发行超1.5万亿元 新增专项债占比超四成
Zheng Quan Ri Bao·2025-08-08 07:31

Group 1 - In the first quarter of this year, local government bond issuance exceeded 1.5 trillion yuan, with new special bond issuance surpassing 600 billion yuan, accounting for over 40% of the total [1][2] - The issuance pace of local bonds has significantly accelerated since February, with monthly issuance figures increasing from approximately 384.45 billion yuan in January to 629.45 billion yuan in March [1][2] - The total number of local bonds issued in the first quarter was 303, with a total scale of about 1.573 trillion yuan [1] Group 2 - The issuance of new special bonds has also seen a notable increase since February, with January, February, and March figures at 56.78 billion yuan, 346.59 billion yuan, and 230.76 billion yuan respectively [2] - Compared to the same period last year, the issuance of new special bonds is lower, primarily due to the impact of a 1 trillion yuan national bond issued at the end of last year, which reduced the urgency for special bond issuance this year [2] - The funds raised from special bonds are primarily directed towards municipal and industrial park infrastructure, transportation infrastructure, public services, and other key areas, indicating a focus on maintaining high levels of infrastructure investment [2][3] Group 3 - The new local government special debt limit for this year is set at 3.9 trillion yuan, an increase of 100 billion yuan from the previous year, aimed at supporting local governments in addressing key areas [3] - The National Development and Reform Commission emphasized the importance of improving the efficiency of government investment and its role in driving overall social investment [3] - Fixed asset investment (excluding rural households) from January to February reached 5.0847 trillion yuan, with a year-on-year growth of 4.2%, indicating a positive trend in infrastructure investment [3] Group 4 - The infrastructure sector is expected to remain a primary focus for special bond funding, particularly for major national strategies and projects, to effectively utilize special bonds for counter-cyclical investment stimulation [4] - The issuance pace of local bonds and new special bonds is anticipated to remain steady, supported by the previously issued national bonds [5] - If the long-term special national bonds are issued in large quantities in the second quarter, it may lead to a slowdown in the issuance of ordinary national bonds and new special bonds to avoid pressure on the funding market [5]