⊙【永业行观察】专项债新规17号文：资金核算、资产信息填报要点浅析及思考

Background - Local government special bonds are important policy tools for stabilizing investment, addressing shortcomings, and preventing risks. The issuance scale of special bonds in China has increased significantly from less than 100 billion yuan in 2015 to over 4 trillion yuan in 2022, with an expected increase to approximately 4.4 trillion yuan by 2025. The management and utilization of special bond funds have become increasingly important due to the expansion of their scale [1] Main Content and Interpretation - The new regulations clarify the boundaries of repayment responsibilities for special bonds, accounting treatment for different types of project units, information reporting requirements, and the handling of new and old accounting methods [2] Clarification of Repayment Responsibility Boundaries - The new regulations categorize project units into administrative and enterprise types, determining repayment responsibilities based on project implementation plans or financing balance agreements. This change clarifies that repayment obligations are not automatically assigned based on the identity of the project unit, thus reducing the risk of hidden debts [3] Accounting Treatment for Different Types of Project Units - The regulations specify accounting treatments for administrative and enterprise project units regarding the acquisition of special bond funds, asset construction, and project income [4] Reporting Requirements for Special Bond Projects - Project units are required to submit "Special Bond Project Investment Tables" and "Repayment Situation Tables" to enhance transparency and accountability in the management of special bond funds [8] New and Old Accounting Method Transition - Administrative project units must transition existing special bond funds to comply with the new regulations, ensuring proper accounting treatment and reporting [9] Impact on Special Bond Projects and Recommendations Financial Risk Visibility - The regulations enhance the visibility of financial risks, compelling local governments to conduct thorough project planning and risk assessments before selecting project units. This shift emphasizes the need for careful management and oversight to mitigate repayment risks [10][11] Lifecycle Management of Project Assets - The regulations promote comprehensive lifecycle management of project assets, requiring detailed reporting on the status of special bond projects, funding sources, and repayment situations. This approach aims to improve asset quality and funding efficiency [12] Stricter Debt Management in High-Risk Areas - High-risk regions will face stricter debt management requirements, necessitating careful monitoring of debt levels and repayment obligations. This increased transparency will aid in dynamic supervision by higher-level governments [13][14] Visualization of Funding Utilization Efficiency - The use of special bond funds has diversified, with allocations now extending to debt resolution, land reserves, and other areas. In the first eight months of 2025, the issuance of new special bonds reached 3.26 trillion yuan, with a significant portion allocated for various purposes [15][16] Shift from Scale Expansion to Quality Improvement - The regulations encourage local governments to shift their focus from merely expanding the scale of special bond issuance to enhancing the quality and precision of fund allocation, ultimately improving the efficiency and effectiveness of public investments [17]