Xin Lang Cai Jing·2025-09-23 11:32Core Viewpoint - The acceleration of fiscal and financial tools to resolve local government arrears to enterprises has significantly increased since the third quarter, with special bonds and loans playing a crucial role in alleviating cash flow pressures for businesses [1][4]. Group 1: Special Bonds - The issuance of special new bonds specifically for repaying local government debts has exceeded expectations, with a cumulative issuance scale surpassing 1.2 trillion yuan, significantly higher than market forecasts [3][4]. - These special bonds are designed for specific uses, ensuring that funds are directly allocated by local finance for repaying historical debts, thus minimizing the risk of fund misappropriation [3][5]. - Approximately 60% of the funds from these bonds are directed towards repaying debts owed to small and micro enterprises, effectively alleviating their cash flow challenges [3][5]. Group 2: Special Loans - Major national banks have introduced "special loans for clearing debts," providing low-interest, long-term credit support to enterprises with confirmed debts owed by local governments [5][6]. - These loans feature favorable interest rates, efficient approval processes, and flexible terms, with many enterprises receiving funds within seven working days [5][6]. - Over 5,000 enterprises have benefited from these special loans, with a cumulative loan amount exceeding 80 billion yuan [5][6]. Group 3: Impact on Cash Flow and Risk Prevention - The combination of special bonds and loans has led to positive changes in enterprise cash flow, with a reported decrease in the average collection period for accounts receivable among large industrial enterprises [7][8]. - The alleviation of cash flow pressures is expected to reduce the risk of debt defaults, which could have broader implications for supply chains and regional economies [7][8]. - The ongoing efforts to clear debts are seen as a stabilizing force for the market, with local governments implementing long-term mechanisms to prevent new arrears [7][8].