云南近千亿新增专项债，七成用于化债及偿还拖欠企业账款

Core Viewpoint - Yunnan province is reallocating its newly issued special bonds to address government debts owed to enterprises and to mitigate hidden debts, significantly reducing the amount directed towards project construction in 2025 [1][2][3]. Group 1: Special Bond Allocation Changes - In 2025, Yunnan received a total of 95.5 billion yuan in new special bond quotas, with only 23 billion yuan allocated for project construction, a reduction from 50 billion yuan at the beginning of the year [1][2]. - The allocation for addressing government debts owed to enterprises is set at 35.6 billion yuan, while the amount for supplementing government fund finances increased from 20 billion yuan to 36.9 billion yuan [1][3]. Group 2: Comparison with Other Provinces - Other provinces, such as Hunan, have also disclosed their special bond allocations, with nearly 60% directed towards project construction and about 40% for resolving debts owed to enterprises and hidden debts [2]. Group 3: Economic Implications - The shift in funding priorities indicates a serious issue with government debts owed to enterprises in Yunnan, and the reallocation aims to improve economic circulation by addressing these debts [3][4]. - The use of special bonds to inject liquidity into enterprises is expected to alleviate financial pressures and prevent debt issues from spreading through the industrial chain, thereby enhancing the regional business environment [4]. Group 4: Debt Management and Safety - As of April 2025, Yunnan's total government debt stood at 1.67985 trillion yuan, with a strict control within the debt limit of 1.97244 trillion yuan for the year [5].