Core Insights - The "Blue Book on Local Government Bonds (2025)" was released, providing a comprehensive review of the local bond market in 2024 and analyzing current development characteristics and challenges [1][2] - The report highlights three main characteristics of local government bonds in 2025: significant increase in new issuance limits, accelerated replacement rhythm, and broader investment areas [1] Group 1 - The local bond market is expected to continue expanding steadily, optimizing its structure and improving efficiency while enhancing market infrastructure [2] - The fiscal and tax system reform will deepen, aiming to clarify the relationship between central and local governments and promote changes in local incentive systems [2] - Local government bonds are positioned as a crucial tool for macroeconomic regulation amidst external pressures, particularly in the context of tariff disputes [1]
《中国地方政府债券蓝皮书（2025）》发布
Zheng Quan Ri Bao Wang·2025-09-23 13:27