新增专项债进入密集发行期

Core Viewpoint - The issuance of special bonds is accelerating, with a focus on supporting infrastructure investment and stabilizing economic growth through timely funding allocation [1][2][4]. Group 1: Special Bond Issuance - Fujian Province has reissued 20 billion yuan in new government special bonds, all allocated to ongoing projects to ensure quick physical work output [1]. - From May 6 to 10, provinces including Guangdong, Shandong, and Jilin have issued or will issue a total of 921.27 million yuan in new special bonds, surpassing the issuance scale of April [2]. - The National Development and Reform Commission and the Ministry of Finance have completed the project screening for 2024 local government special bonds, approving approximately 38,000 projects with a demand of about 5.9 trillion yuan [2]. Group 2: Long-term Special Bonds - Experts anticipate that the issuance of ultra-long-term special bonds will be initiated in a timely manner, with the Ministry of Finance planning to coordinate the issuance of general and special bonds [3]. - The projects supported by ultra-long-term special bonds will adhere to principles of project planning and funding allocation, with a focus on enhancing regulatory oversight [3]. - Historical trends suggest that the issuance of ultra-long-term special bonds may occur in the third quarter, but there is a possibility of an earlier start to expedite physical work output [3]. Group 3: Economic Impact - The acceleration of funding through central budget investments, new special bonds, and ultra-long-term special bonds is expected to facilitate the rapid formation of physical work output [4]. - Experts emphasize the need for proactive policy measures to further stimulate economic recovery, with a focus on stabilizing infrastructure and investment through timely bond issuance [4][5]. - The issuance of special bonds is crucial for meeting the high demand for infrastructure stability and investment growth, necessitating a faster pace of local bond issuance [4].