钱从哪来？2026 地方项目资金拼盘，避开融资坑

Core Viewpoint - In 2026, local project construction will enter a "dual hard constraint" era, where compliance cannot be compromised and benefits must be preserved. The focus has shifted from "Are there projects?" to "Where does the money come from?" [1] Funding Challenges - Relying solely on fiscal resources is unsustainable due to increasing revenue-expenditure contradictions and fluctuating land income [2] - Special bonds alone are insufficient due to intense competition for quotas and limited usage scope [3] - Pure market financing is risky and costly, leading to hesitance in its use [4] Solution: Funding Combination - The core solution to the funding dilemma is a "funding combination," which involves a multi-faceted approach that integrates policy funds, market funds, and self-owned funds to create a virtuous cycle of financing, construction, operation, debt repayment, and reinvestment [4][6] Value of Funding Combination - The essence of funding combination is to address funding challenges throughout the project lifecycle while maintaining compliance and efficiency [5][6] - It helps cover project lifecycle gaps, reduce costs, optimize risks, and activate vitality through diverse partnerships [7][9][11][14] Practical Implementation - The funding combination must be executed in two steps: determining funding ratios based on project stages and optimizing term mismatches to avoid short-term loans for long-term needs [16][18] - A structured approach is necessary, with specific funding ratios and term suggestions for different project phases [21] Project Size Variations - Different funding strategies are required for small, medium, and large projects, with distinct funding compositions and operational focuses [22][30][38] - Small projects (under 50 million) focus on policy subsidies and small loans, while medium projects (50 million to 500 million) rely on special bonds and bank loans. Large projects (over 500 million) utilize a mix of special bonds, social capital, and policy financial tools [25][33][41] Summary of Core Principles - The key principles for financing local projects in 2026 include not putting all eggs in one basket, combining policy funds effectively, deeply binding social capital, and revitalizing existing assets [43][45] - Precise calculations and adaptable funding channels are essential to ensure compliance and avoid hidden debts [46]