近2万亿元！再融资专项债券快速发行！

Core Viewpoint - The issuance of refinancing special bonds has reached nearly 2 trillion yuan, indicating a proactive fiscal policy aimed at stabilizing local economic growth [1][2]. Group 1: Issuance Scale - As of June 11, the total scale of issued and pending refinancing special bonds has reached 20.3 trillion yuan, with local governments having issued 19.281 trillion yuan [3][8]. - Major provinces such as Jiangsu, Shandong, and Beijing have significant issuance scales, with Jiangsu leading at 278.142 billion yuan [4][5]. Group 2: Purpose and Impact - The refinancing special bonds are primarily aimed at replacing existing hidden debts, thereby freeing up fiscal space for local governments to stimulate economic growth [3][6]. - The issuance of long-term bonds is prevalent, with 73.21% of the bonds having a maturity of no less than 10 years [6]. Group 3: Future Outlook - The issuance of refinancing special bonds is expected to be completed this year, with the total issuance limit of 2 trillion yuan for replacing hidden debts nearly exhausted [7][8]. - The government's approach to managing local government debt is shifting towards balancing development quality and fiscal sustainability, indicating a more nuanced strategy in the future [8][9].