上半年城投债净融资为负，政府债券净融资大增至7.7万亿元

Core Viewpoint - The article highlights the transformation of the government financing system in China, evidenced by the contrasting trends in local government bond (城投债) financing and government bond financing, indicating a tightening of local government debt issuance while increasing government bond financing to support economic growth [1][2]. Group 1: Local Government Bonds - In the first half of 2025, the net financing of local government bonds was -76.36 billion yuan, a year-on-year decrease of approximately 149% [1]. - The supply of local government bonds continues to tighten, reflecting the government's efforts to control new hidden debts and mitigate local debt risks [1][2]. - The transformation of local government financing platforms is progressing slowly, with over 7,000 local government financing companies announcing their exit from the government financing platform list last year [1]. Group 2: Government Bonds - In contrast, the net financing of government bonds reached 766 billion yuan in the first half of 2025, an increase of 432 billion yuan year-on-year, representing a growth of approximately 129% [1][2]. - The significant increase in government bond financing is a response to the need for increased debt funding for major projects amidst complex domestic and international conditions [2]. - The net financing of national bonds was 337 billion yuan, and local government bonds was 429 billion yuan in the first half of 2025, with both figures showing substantial year-on-year increases [2]. Group 3: Policy and Economic Impact - The article notes that the decline in local government bond issuance and the increase in government bond financing are indicative of proactive fiscal policies aimed at ensuring economic stability [2]. - Infrastructure investment grew by 4.6% year-on-year in the first half of 2025, outpacing overall investment growth by 1.8 percentage points, supported by the accelerated issuance of special local government bonds and long-term special treasury bonds [2]. - The ongoing efforts to resolve local government debt and the transformation of local financing platforms are expected to continue, although challenges remain regarding the quality of these transformations and the potential for increased debt burdens [3].