超35万亿元地方政府专项债管理升级，新规明确压实责任

Core Viewpoint - The Ministry of Finance has introduced new regulations to enhance the management and utilization of local government special bonds, aiming to improve financial reporting and accountability for projects funded by these bonds [2][3]. Group 1: Regulations and Implementation - The new regulations, titled "Interim Provisions on Accounting Treatment Related to Local Government Special Bonds," will take effect on January 1, 2026, and are designed to standardize accounting practices for project units receiving special bond funds [2][3]. - The regulations specify accounting treatment for both administrative and enterprise project units, ensuring that financial conditions are accurately reflected and management responsibilities are enforced [3]. Group 2: Financial Management and Reporting - Project units are required to prepare "Special Bond Project Investment Tables" and "Special Bond Fund Repayment Situation Tables," which will include comprehensive information on the amounts received, repaid, and spent related to special bond funds [4]. - The lack of a unified information reporting and aggregation system has made it difficult to assess the overall status of special bond projects; the new reporting requirements aim to provide a complete lifecycle view of each project, facilitating better macro management and decision-making [4]. Group 3: Current Status of Special Bonds - The issuance of special bonds has surged, with a new issuance scale reaching 4.4 trillion yuan this year, and as of July, the total local government special debt stood at approximately 35.5 trillion yuan, accounting for 67% of the total local government debt [2].