发力稳投资 二季度地方债发行料提速

Core Viewpoint - The issuance of local bonds in the first quarter reached 1.58 trillion yuan, with new special bonds accounting for 634.12 billion yuan, effectively supporting funding needs in key areas [1][2]. Funding for Key Areas - In the first quarter, local governments issued 1.58 trillion yuan in bonds, with new special bonds making up over 40% of this total [2]. - The top three areas for the allocation of new special bond funds were municipal and industrial park infrastructure, transportation infrastructure, and public services, totaling 287.36 billion yuan, which represents 71.27% of the total [2]. - The National Development and Reform Commission (NDRC) plans to optimize the structure of central budget investments and expand the scope of local government special bonds to enhance funding efficiency [2]. Issuance Rhythm - The issuance pace of new special bonds in the first quarter was slower compared to the previous year, attributed to the 1 trillion yuan of national bonds issued in the fourth quarter of the previous year [3]. - As of March 29, 2024, 25 provinces and 3 municipalities have disclosed plans to issue local bonds totaling 1.8095 trillion yuan from April to June, including 1.0873 trillion yuan in new bonds [3]. Support for Infrastructure Investment - In addition to new special bonds, the issuance of 1 trillion yuan in national bonds and the upcoming issuance of 1 trillion yuan in ultra-long-term special bonds will support infrastructure investment [4]. - The NDRC has completed the allocation of the 1 trillion yuan in national bonds to 15,000 specific projects, with a mechanism established to monitor project progress [4]. Positive Start for Infrastructure Investment - Infrastructure investment grew by 6.3% in January and February, an increase of 0.4 percentage points compared to the previous year [5]. - The implementation of effective investment policies and accelerated construction of major projects are expected to maintain stable growth in investment [5].