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 20,281.24 billion yuan, with recent plans from Shandong, Yunnan, and Beijing expected to increase this to 20,300 billion yuan [3][8]. - Jiangsu Province leads with an issuance scale of 2,781.42 billion yuan, followed by Shandong, Beijing, and Yunnan, all exceeding 1,000 billion yuan [4][5]. Group 2: Bond Characteristics - The majority of the refinancing special bonds issued this year are long-term, with 73.21% of the 224 bonds having a maturity of at least 10 years [6]. - The interest rates for these bonds are relatively low, with 30-year bonds ranging from 1.90% to 2.35% and 10-year bonds from 1.63% to 2.15% [6]. Group 3: Policy Implications - The issuance of refinancing special bonds is part of a broader strategy to alleviate local government debt risks while promoting economic growth, reflecting a shift from merely preventing risks to balancing risk prevention and development [8][9]. - The National People's Congress has approved an increase of 60,000 billion yuan in local government debt limits to support the replacement of hidden debts over three years [8].