多地严管专项债挪用

Core Viewpoint - The article discusses the tightening management of special bond funds by various provincial governments in China, emphasizing the need for stricter regulations to prevent misuse and ensure effective investment in infrastructure and public welfare projects [2][3][10]. Summary by Sections Management of Special Bonds - Multiple provinces have proposed stricter management of special bond fund usage, with the Ministry of Finance focusing on this as a key management area [2]. - New requirements for issuing special bonds include having public bidding announcements, winning bid notifications, construction contracts, and land use certificates [2][5]. Issues with Misuse of Funds - There have been instances of local governments misusing special bond funds for non-eligible projects, such as regular operational expenses and projects not yielding returns [6][9]. - A report indicated that by the end of 2023, 279.24 billion yuan of bond funds were either idle or misused, highlighting flaws in the selection and monitoring mechanisms for special bonds [6][7]. Financial Pressure on Local Governments - Local governments face significant financial pressure, leading to the misallocation of special bond funds to meet essential expenditures, known as the "three guarantees" (ensuring livelihood, salaries, and operational stability) [3][11][12]. - The overall public budget revenue showed a slight decline in early 2025, indicating a challenging fiscal environment for local governments [11][12]. Impact on Investment and Economic Stability - The increase in government bond financing and restrictions on the misuse of special bonds are expected to channel more funds into critical areas like infrastructure and public welfare, potentially stabilizing the economy [10]. - However, experts suggest that strict management of special bonds should be accompanied by supportive policies to address the underlying fiscal challenges faced by local governments [11].