政府债务周度观察：政府债将继续支撑5月财政支出-20250522

Report Industry Investment Rating - Not provided in the content Core View - From the April fiscal data, although revenue has improved, government bond financing has also contributed significantly to the expenditure growth rate, with the expenditure growth rate of the second account reaching as high as 45%. As of now in May, government bond net financing has exceeded 1.4 trillion, and it is expected to continue to strongly support fiscal expenditure [1][7] Summary by Related Catalog Government Bond Financing - The net financing of government bonds in the 20th week (5/12 - 5/18) was 6723 billion, and 3843 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 5.8 trillion, exceeding the same period last year by 3.9 trillion [1][7] Treasury Bond Financing - The net financing of treasury bonds in the 20th week (5/12 - 5/18) was 5012 billion, and 2417 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 2.4 trillion, with a progress of 36.5%, exceeding the same period in the past five years [1][8] Local Bond Financing - The net financing of local bonds in the 20th week (5/12 - 5/18) was 1711 billion, and 1426 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 3.4 trillion, exceeding the same period last year by 2.3 trillion [2][10] New General Bond - The net financing of new general bonds in the 20th week (5/12 - 5/18) was 196 billion, and 55 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 3219 billion, with a progress of 40.2%, exceeding the same period last year [2][11] New Special Bond - The net financing of new special bonds in the 20th week (5/12 - 5/18) was 775 billion, and 1076 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 1.4 trillion, with a progress of 31.1%, exceeding the same period last year. Special new special bonds of 2424 billion have been issued, and land reserve special bonds of 964 billion have been issued [2][16] Special Refinancing Bond - The net financing of special refinancing bonds in the 20th week (5/12 - 5/18) was 0 billion, and 251 billion in the 21st week (5/19 - 5/25). As of the 20th week, the cumulative net financing was 1.6 trillion, with an issuance progress of 80% [2][29] Urban Investment Bond - The net financing of urban investment bonds in the 20th week (5/12 - 5/18) was -252 billion, and it is expected to be -346 billion in the 21st week (5/19 - 5/25). As of this week, the balance of urban investment bonds is approximately 10.5 trillion [2][32]