地方政府举债投向 政府投资基金

Core Insights - Local governments are increasingly issuing bonds to fund local government investment funds, with Shenzhen planning to issue 6.52 billion yuan in special bonds on November 24, aimed at the Shenzhen government investment guidance fund [1] - A total of 52 billion yuan in special bonds have been issued this year by various regions including Beijing, Jiangsu, Guangzhou, and others, directed towards local government investment funds [1] - The issuance of special bonds for government investment funds marks a new approach, as previous regulations prohibited such funding sources [1][2] Group 1 - The recent issuance of special bonds is a response to declining local economic growth and fiscal pressures, necessitating the expansion of funding sources for government investment funds [3] - Special bonds provide advantages over other funding sources like insurance and banks, including lower financing costs and a focus on achieving policy objectives [3] - The maturity of special bonds directed towards government investment funds typically ranges from 10 to 20 years, with local government fund income providing a strong backing for these bonds [3] Group 2 - The State Council's recent policy changes have allowed special bonds to be directed towards government investment funds, as they are not included in the negative list of funding sources [2] - The guidelines emphasize the importance of developing long-term capital and risk prevention measures for government investment funds, prohibiting illegal debt financing by local governments [2]