一季度地方债券计划发行规模超2万亿元

Core Viewpoint - The issuance of local government bonds in China is set to exceed 20 trillion yuan in the first quarter of 2023, reflecting a more proactive fiscal policy aimed at supporting economic stability and infrastructure investment [1][2]. Group 1: Bond Issuance Overview - On January 8, Ningbo issued a batch of local bonds, including 1 billion yuan in general bonds and 24.372 billion yuan in special bonds [1]. - As of January 8, the total planned issuance of local bonds across various regions for the first quarter is approximately 20,862 billion yuan, surpassing the 20 trillion yuan mark [1]. - Seven regions, including Sichuan, Shandong, Yunnan, and Hunan, plan to issue over 100 billion yuan each, with Sichuan leading at 188.7 billion yuan, followed by Shandong at 172.481 billion yuan and Yunnan at 145.136 billion yuan [1]. Group 2: Types of Bonds and Their Implications - In the first quarter, approximately 8,173 billion yuan of new bonds are planned for issuance, with 6,514 billion yuan designated as new special bonds and 12,689 billion yuan for refinancing bonds [2]. - Special bonds, which account for over 30% of the new bonds, are expected to directly supplement infrastructure investment funds [2]. - The issuance of special bonds is anticipated to have several highlights, including an accelerated issuance pace, optimized fund allocation towards urban village renovations and public infrastructure, and stricter project management and performance requirements to enhance the efficiency of investment [2].