专项债“自审自发”试点省份有望扩围

Group 1 - The average progress of newly issued special bonds in pilot provinces has reached 93% of the annual limit [1] - The pilot program for "self-examination and self-issuance" of special bonds has shown initial effectiveness, with potential for expansion [1][2] - The issuance scale of newly added special bonds in 2025 is expected to reach approximately 4.6 trillion yuan, setting a historical high [1] Group 2 - The "self-examination and self-issuance" pilot allows provinces to approve special bond projects without further review from national authorities, thus improving issuance efficiency [2] - The first batch of pilot provinces includes Beijing, Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, Shandong, Hunan, Guangdong, and Sichuan, along with Xiong'an New Area [2] - Pilot provinces have reported a more stringent review process compared to before, ensuring higher quality and timeliness of project reserves [2] Group 3 - Pilot provinces have achieved a 93% completion rate for new special bond issuance, outperforming non-pilot provinces by 18 percentage points [3] - There are 21 provinces not yet included in the pilot program, which may be considered for inclusion based on specific criteria [3][4] - Future recommendations include exploring a "negative list" management for capital contributions to enhance local autonomy and creativity [4]