专项债，岂敢挪用！

Core Viewpoint - The article discusses the strict management of special bonds in certain provinces, emphasizing that counties with issues must rectify them before issuing new bonds by 2025, in response to misuse of funds for other purposes [1][5]. Special Bond Management - In July, a local government financing official noted a significant reduction in special bond issuance in certain counties due to provincial restrictions, highlighting the strict enforcement of regulations against fund misappropriation [2]. - Counties facing restrictions often have issues such as slow progress on existing projects and incomplete preparations for new projects, leading to a halt in construction activities [3]. - Several provinces are intensifying management of special bond fund usage, requiring dedicated financial accounts for these funds and timely reporting of project-related information [4]. Misuse of Special Bonds - The strict management is a response to findings from an audit revealing that 1,325.97 billion yuan was misused, with 651.8 billion yuan being diverted to cover other expenses like "three guarantees" and repaying state-owned enterprise debts [6]. - The misuse of special bonds has been prevalent, especially in central and western regions, where local governments face significant fiscal pressures [6][15]. - Various methods of fund misappropriation have been identified, including circular funding through local government-controlled companies, which can obscure the actual use of funds [8][9]. Regulatory Framework - Despite previous regulations prohibiting the misuse of special bonds, such as the 2021 guidelines from the Ministry of Finance, local governments have continued to divert these funds [12][13]. - The 2024 guidelines from the State Council emphasize strict adherence to financial discipline and the establishment of accountability for misuse [12]. Implications of Regulation - The prohibition on misusing special bonds aims to ensure funds are used effectively for key projects, thereby stabilizing economic growth [19][20]. - While this may reduce flexibility for local governments in the short term, it is expected to enhance fiscal discipline and transparency in the long run [20]. - Changes in the allocation rules for special bonds may disproportionately affect financially constrained regions, which rely heavily on these funds for liquidity [20].