完整版|2025年超长期特别国债、地方专项债、中央预算内资金对比全解析

Core Viewpoint - Local government special bonds, ultra-long-term special treasury bonds, and central budgetary funds are the three core funding sources for promoting major projects, each with distinct characteristics and requirements for application and approval processes. Funding Source Comparison Ultra-Long-Term Special Treasury Bonds - Support areas include national strategic directions, regional coordinated development, food production enhancement, technological self-reliance, and ecological safety projects. Specific investment focuses on technology research, green infrastructure, and public welfare systems [1]. Local Government Special Bonds - Key support directions include traditional infrastructure, energy projects, municipal infrastructure, social services, and new infrastructure projects. The core requirement is that projects must generate stable government revenue to cover bond principal and interest, with a coverage ratio of at least 1.2 [2]. Central Budgetary Investment - Focuses on public welfare projects, rural development, major infrastructure, social services, and ecological civilization projects. The requirement is for projects to be purely public welfare with significant social benefits but not necessarily economic returns [3]. Application Requirements and Processes Special Treasury Bonds Application Process - The application process involves several steps, including notification from the state, project selection by provincial departments, preparation of application materials, and approval by national departments. A new feature for 2025 is the establishment of a separate application channel with a "report and review" mechanism [4]. Special Bonds Application Process - Applications are conducted throughout the year with three batch submissions. The process includes project planning, inclusion in national and local project databases, and joint reviews by provincial departments [6]. Central Budgetary Investment Application Process - Applications are typically submitted in two batches each year. The process includes notification from the National Development and Reform Commission, preparation of materials, initial reviews by local departments, and final approval by national authorities. In 2025, an online approval platform will be fully implemented [7]. Application Considerations - Applications for special treasury bonds must align with policy requirements, ensure sufficient preparatory work, and avoid overlap with central budgetary investments [8]. - Projects must be new or under construction, with new projects expected to start by the end of 2025, and existing projects must be nearing completion [9]. - Projects should not include prohibited content such as real estate development or performance projects [10]. - A clear funding plan must be presented to ensure complete funding closure for the project [10]. Successful Case Studies Special Treasury Bonds - A project for high-standard farmland construction received 800 million yuan in special treasury bonds, aligning with national food security strategies [78]. Special Bonds - A smart parking project with a total investment of 500 million yuan successfully issued 300 million yuan in special bonds, demonstrating a clear revenue model [78]. Central Budgetary Investment - A new compulsory education school project received 50 million yuan in central budgetary investment, addressing urgent educational needs [78]. Choosing Funding Channels - Projects with stable revenue should consider special bonds, while those with no revenue but strategic importance should look at special treasury bonds. Purely public welfare projects should apply for budgetary investments [79]. - For large projects, a combination of funding sources may be beneficial, such as using budgetary investment for public welfare components and special bonds for revenue-generating parts [79]. 2025 Application Recommendations - Stay updated on national policy trends, prepare project materials in advance, and enhance communication with supervisory departments to improve application success rates [79].