5000亿地方债结存限额年末“续力”，今年地方政府债发行规模已突破10万亿

Group 1 - The issuance of local government bonds in China has exceeded 10 trillion yuan for the first time in history, reaching 10.29 trillion yuan as of December 22, with general bonds at 2.61 trillion yuan and special bonds at 7.68 trillion yuan [1] - The special bonds include 3.09 trillion yuan in refinancing special bonds and 4.59 trillion yuan in new special bonds, indicating a significant focus on refinancing hidden debts [1] - The issuance of special refinancing bonds aimed at repaying existing debts has resumed since August, with over 300 billion yuan issued this year, highlighting ongoing efforts to manage local debt [1] Group 2 - The central government allocated 500 billion yuan from the local government debt limit, with 200 billion yuan designated for new special bonds to support investment and 300 billion yuan for resolving existing project debts [2] - The issuance of new local special bonds has surpassed the initial target of 4.4 trillion yuan for 2025, reaching 4.59 trillion yuan, which is 104.2% of the planned issuance [2] - The adjustment of the debt limit has favored economically strong provinces, with specific allocations disclosed for several regions, indicating a strategic approach to debt management [3] Group 3 - The 500 billion yuan debt limit has become a crucial support for fiscal spending, despite challenges from land finance and short-term revenue pressures, suggesting a potential recovery in fiscal expenditure growth [3] - The proportion of new debt limits allocated to self-auditing provinces is the highest, indicating a shift towards enhancing risk prevention in local debt issuance [3]