前8个月地方政府借钱约7.7万亿，六成用于偿还旧债|财税益侃

Core Viewpoint - Local governments are accelerating borrowing to fund major projects and repay old debts, aiming to boost the economy and mitigate risks [2][3]. Group 1: Borrowing and Debt Management - In the first eight months of this year, local governments issued approximately 7.7 trillion yuan in bonds, a year-on-year increase of 42%, marking a historical high for the same period [2]. - Of the 7.7 trillion yuan in bonds issued, about 3.8 trillion yuan were refinancing bonds, which increased by 64% year-on-year, while new bonds issued amounted to approximately 3.9 trillion yuan, up 26% year-on-year [3]. - Approximately 4.77 trillion yuan, or about 62% of the total borrowing, was allocated to repay old debts, with the remaining nearly 3 trillion yuan primarily directed towards major project construction [6]. Group 2: Allocation of Funds - The funds from newly issued bonds are primarily used for significant public welfare projects, with about 2.3 trillion yuan of the new special bond funds allocated to project construction [5]. - The distribution of the special bond funds includes approximately 28% for municipal and industrial park infrastructure, 18% for transportation infrastructure, 14% for land reserves, and 12% for affordable housing projects [6][7]. - The new special bonds also include around 0.97 trillion yuan used for replacing hidden debts and settling overdue payments to enterprises, which is referred to as special new special bonds [5][6]. Group 3: Regulatory Changes and Market Impact - This year, the management of special bonds has adopted a "negative list" approach, significantly broadening the areas eligible for investment, including land reserves [7]. - The total local government debt balance as of July 2025 is approximately 52.76 trillion yuan, remaining within the limit of about 57.99 trillion yuan, indicating that local debt risks are generally manageable [7].