规模超500亿！地方政府举债投向政府投资基金

Core Insights - Local governments in China have issued a total of 52 billion yuan in special bonds this year, aimed at funding local government investment funds [1] - The issuance of special bonds for government investment funds marks a new approach in local financing strategies [1][3] - Recent policy changes have allowed special bonds to be directed towards government investment funds, which were previously restricted [2] Group 1: Special Bonds Issuance - A total of 52 billion yuan in special bonds has been issued by various provinces including Beijing, Jiangsu, and Guangdong, targeting local government investment funds [1] - Shenzhen plans to issue 6.52 billion yuan in 10-year special bonds on November 24, specifically for its government investment guidance fund [1] - The issuance of special bonds is seen as a response to declining local fiscal revenues and increasing expenditure pressures [3] Group 2: Policy Changes - In 2019, regulations prohibited the use of special bonds for government investment funds, but recent guidelines have expanded the scope of special bond usage [2] - The State Council's recent opinions have allowed special bonds to be used for government investment funds, as they are not included in the negative list of funding sources [2] - The focus on developing long-term capital and patient capital is emphasized in the government's recent guidance, aiming to enhance the role of government investment funds [2] Group 3: Financial Implications - Special bonds provide a lower financing cost compared to other funding sources like insurance and banks, making them attractive for government investment funds [3] - The typical maturity for special bonds directed towards government investment funds ranges from 10 to 20 years, aligning with long-term investment needs [3] - Local governments have included these special bonds in their budget management, ensuring a stable source of repayment, which has led to high credit ratings for these bonds [3]