Government Debt Financing - Net financing for government debt in week 32 (8/4-8/10) was 421.4 billion, and in week 33 (8/11-8/17) it was 200.9 billion, totaling 9.6 trillion, exceeding last year's figure by 4.9 trillion[1][5] - The net financing for national bonds and new local bonds in week 32 was 386.1 billion, and in week 33 it was 264 billion, with a cumulative broad deficit of 7.7 trillion, achieving 65.0% of the annual target[1][5] - National bonds net financing in week 32 was 338.6 billion, and in week 33 it was 214.6 billion, with a cumulative total of 4.3 trillion, reaching 65.2% of the annual target[1][7] Local and Special Bonds - Local debt net financing in week 32 was 82.8 billion, while in week 33 it was -13.7 billion, with a cumulative total of 5.3 trillion, exceeding last year's figure by 3 trillion[1][9] - New general bonds in week 32 amounted to 7.3 billion, and in week 33 it was 30.3 billion, with a cumulative total of 545.6 billion, achieving 68.2% of the annual target[1][9] - New special bonds in week 32 were 40.3 billion, and in week 33 it was 19 billion, with a cumulative total of 2.8 trillion, reaching 64.0% of the annual target[2][12] - Special new bonds issued totaled 857.9 billion, with 102.8 billion issued in August alone, accounting for 61% of the new special bonds[2][12] Risk and Market Indicators - Special refinancing bonds in week 32 had no issuance, while in week 33 it was 1.2 billion, with a cumulative total of 1.9 trillion, achieving 94% of the issuance target[2][21] - Urban investment bonds in week 32 had net financing of 20.6 billion, while week 33 is projected to be -21.5 billion, with the total balance of urban investment bonds below 10.3 trillion[2][26] - Fixed asset investment year-on-year growth is at 2.80%, retail sales growth is at 4.80%, and export growth is at 7.20%[4]
“清欠”专项债披露超千亿
Guoxin Securities·2025-08-13 14:24