地方密集发行新增专项债偿还拖欠企业账款

Core Viewpoint - Local governments are intensifying efforts to address overdue payments to enterprises, primarily through the issuance of new special bonds to raise funds for debt repayment [1][2]. Group 1: Special Bonds Issuance - Qinghai Province plans to issue approximately 11.7 billion yuan in local government bonds, including 1.42 billion yuan in new special bonds specifically for repaying overdue payments to enterprises [1]. - The central government has proposed a total of 4.4 trillion yuan in local government special bonds for 2025, an increase of 500 billion yuan from the previous year, with a focus on addressing overdue payments to enterprises [2]. - Hunan Province has allocated 200 billion yuan of its new special bonds to resolve overdue payments, representing about 14% of its total new bond issuance [2]. Group 2: Regional Adjustments and Allocations - Yunnan Province adjusted its budget to allocate 356 billion yuan in new special bonds for overdue payments, which constitutes approximately 37% of its total new special bond issuance [2]. - The issuance of new special bonds for repaying overdue payments is becoming a common practice across various provinces, with many local governments indicating that these funds will be used for existing government investment projects [3]. Group 3: Financial Health of Enterprises - The overdue payment issue has intensified due to economic pressures, particularly affecting small and medium-sized enterprises, leading to longer accounts receivable periods and a "chain debt" phenomenon [5]. - As of May 2023, accounts receivable for large industrial enterprises reached 26.4 trillion yuan, reflecting a year-on-year increase of 9.0%, with the average collection period extending by 4.1 days to 70.5 days [7]. Group 4: Challenges and Solutions - Local governments face challenges in repaying overdue payments due to sluggish fiscal revenue growth, with a 1.9% year-on-year increase in general public budget revenue for the first five months of the year [6]. - The use of special bonds to inject liquidity into enterprises can quickly alleviate financial pressures and prevent debt issues from spreading throughout the industrial chain, thereby improving the regional business environment [6].