2025年地方债发行冲上10万亿

Core Insights - The total issuance of local government bonds is expected to exceed 10 trillion yuan for the first time in 2025, with special bonds accounting for over 70% of the total [1] - Major provinces such as Jiangsu, Guangdong, and Shandong are projected to issue more than 500 billion yuan in bonds in 2025, with Jiangsu planning to issue 100 billion yuan in refinancing special bonds to replace existing hidden debts [1] - The market anticipates that local bond issuance will maintain a strong pace in 2026, with funding directed towards new infrastructure, strategic emerging industries, and social welfare, providing a solid foundation for sustainable economic development [1]