多地发布明年一季度地方债券发行计划

Group 1 - Jiangsu plans to issue 105.6 billion yuan of local government bonds in Q1 2026, including 70 billion yuan of new bonds and 35.6 billion yuan of refinancing bonds [1] - A total of seven regions, including Sichuan and Anhui, have announced local bond issuance plans for Q1 2026, with an overall expected issuance of 657.71 billion yuan [1] - The issuance of local government bonds reflects the implementation of a more proactive fiscal policy and aims to stabilize growth while managing risks [1] Group 2 - The central economic work conference emphasized the need to optimize the management of local government special bond usage [2] - The expected total issuance of local government special bonds for 2026 is 480 billion yuan, an increase of 40 billion yuan compared to 2025, focusing on infrastructure investment and social welfare [2] - The issuance pace for local government bonds is expected to follow a pattern of early allocation in Q1, normalization in Q2, and flexible adjustments in Q3 based on project progress and funding needs [2]