多地专项债券注入政府投资基金

Core Viewpoint - The recent policy shift allows local governments to allocate special bonds to government investment funds, enhancing the leverage effect of fiscal funds and attracting more social capital to support the real economy and industrial upgrades [5][6]. Group 1: Special Bonds Allocation - In August, several local governments announced the allocation of special bond funds to government investment funds, including Jiangsu (90 billion), Guangzhou (72.5 billion), Ningbo (50 billion), and Shaanxi (50 billion) [3][4]. - Beijing and Chengdu have also initiated similar practices, with Beijing planning to issue 100 billion in special bonds for its government investment guiding fund and Chengdu establishing a future industry fund exceeding 1 trillion [4]. Group 2: Policy Changes - The previous regulation prohibited the use of special bonds for government investment funds, but recent policy adjustments have removed this restriction, allowing for deeper integration of special bonds and funds [5]. - The State Council's recent guidelines have expanded the scope of special bonds, enabling them to be used for projects not included in a negative list, thus facilitating their application in various sectors [5]. Group 3: Fund Activities - The Shanghai Future Industry Fund, with a scale of 100 billion and a duration of 15 years, focuses on supporting future industries such as manufacturing, information, materials, energy, space, and health [6]. - The fund has actively invested in multiple private equity firms and has broadened its registration restrictions, responding to national guidelines aimed at promoting high-quality development of government investment funds [6].