Policy Deployment - In October 2024, the Ministry of Finance announced a debt limit of CNY 1.2 trillion to support local governments in resolving hidden debts and settling overdue payments to enterprises[11] - The 2025 government work report proposed issuing CNY 4.4 trillion in special bonds, focusing on investment, land acquisition, and settling overdue payments[12] Recent Progress - Yunnan Province allocated CNY 356 billion for overdue payments, accounting for approximately 37% of its annual special bond limit[14] - Hunan Province designated CNY 200 billion for settling overdue payments, representing about 14% of its annual special bond limit[14] - The total amount confirmed for overdue payments across provinces is CNY 556 billion, with expectations for the total to exceed CNY 1 trillion for the year[18] Economic Observations - The Huachuang Macro WEI index rose to 7.94% as of June 15, 2025, up 1.59 percentage points from June 8, driven by asphalt operating rates and retail sales of passenger cars[27] - Retail sales of passenger cars increased by 21% year-on-year in the first half of June, compared to 13.3% in May[32] - The average land premium rate remained low at 1.24% from June 2 to June 15, down from 4.93% in May[33] Construction and Trade - The operating rate of asphalt plants was 30.4% as of June 18, 2025, a decrease of 1.1% from the previous week[40] - Container throughput at monitored ports declined by 0.7% week-on-week as of June 15, with a four-week cumulative year-on-year decrease of 4.5%[45] Financial Indicators - As of June 20, 2025, CNY 2.09 trillion in new special bonds had been issued, achieving 47.5% of the annual target, higher than 33% in the previous year[7] - Interest rates for funds decreased, with DR001 at 1.3742% and DR007 at 1.4941% as of June 20, 2025[7]
每周经济观察第25期：四问专项债清欠-20250623
Huachuang Securities·2025-06-23 00:42