政府债周报：广义赤字边际提速-20250821

Financing Overview - Government debt net financing for week 33 (8/11-8/17) was 200.9 billion, and for week 34 (8/18-8/24) it was 560.7 billion, totaling 980 billion by week 33, exceeding last year's 460 billion[1] - The cumulative general deficit reached 8.0 trillion, with a progress rate of 67.2% as of week 33[5] - National debt net financing for week 33 was 214.6 billion, and for week 34 it was 351.9 billion, with a cumulative total of 4.6 trillion, achieving 68.4% of the annual target[6] Local Government Debt - Local government debt net financing for week 33 was -13.7 billion, while week 34 saw 208.8 billion, with a cumulative total of 5.2 trillion, surpassing last year's 2.8 trillion[8] - New general bonds issued amounted to 30.3 billion in week 33 and 9.5 billion in week 34, with a cumulative total of 575.9 billion, achieving 72.0% of the annual target[8] Special Bonds and Other Debt - New special bonds issued in week 33 were 19.0 billion, and in week 34, they surged to 239.3 billion, with a cumulative total of 2.8 trillion, reaching 64.5% of the annual target[12] - Special refinancing bonds issued in week 33 were 1.2 billion, and in week 34, they increased to 24.5 billion, with a cumulative total of 1.9 trillion, achieving 94% of the issuance target[24] - City investment bonds saw net financing of -6.2 billion in week 33 and an estimated -23.5 billion in week 34, with a total balance of 10.2 trillion[29]