前7月地方借钱6.7万亿，钱怎么花？

Core Viewpoint - The article discusses the significant increase in local government borrowing in China, primarily through the issuance of local government bonds, to stabilize the economy and manage risks amid financial pressures [3][4]. Group 1: Local Government Bond Issuance - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, representing a year-on-year increase of about 60% [3]. - The bond issuance in June and July exceeded 10,000 billion yuan each, indicating a rapid acceleration in local government borrowing [3]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, which are used to repay old debts, while approximately 33,000 billion yuan were new bonds for major project construction [4]. Group 2: Debt Refinancing and Management - Refinancing bonds are primarily used for "borrowing new to repay old" debts, addressing the significant fiscal imbalance faced by local governments [5]. - The central government has implemented a plan to replace hidden debts with 10 trillion yuan in local government bonds, with 6 trillion yuan allocated for refinancing existing hidden debts [5]. - As of the end of July, nearly 19,000 billion yuan of the 20,000 billion yuan quota for hidden debt replacement had been issued, leading to a reduction in average interest costs by over 2.5 percentage points [6]. Group 3: Use of New Bonds - New bonds are mainly allocated for public welfare projects to stabilize investment and address shortfalls in the economy [6][9]. - In the first seven months, approximately 28,000 billion yuan of new special bonds were issued, accounting for over 60% of the annual target of 44,000 billion yuan [6]. - A significant portion of the new special bonds, about 8,000 billion yuan, is designated for resolving existing hidden debts and addressing overdue payments to enterprises [6]. Group 4: Project Funding Allocation - Nearly 20,000 billion yuan of new special bond funds were directed towards project construction, with 26.37% allocated to municipal and industrial park infrastructure, 17.63% to transportation infrastructure, and 13.03% to land reserve projects [9]. - The issuance of land reserve special bonds has surged, exceeding 2,600 billion yuan, aimed at recovering idle land and stabilizing the real estate market [9]. Group 5: Future Expectations and Debt Management - The Central Political Bureau has called for accelerating the issuance and utilization of government bonds to enhance funding efficiency [10]. - Experts predict that local government bond issuance will reach 35,000 billion yuan in the third quarter, with a net financing scale of 22,000 billion yuan [11]. - As of June 2025, the total local government debt was 51.95 trillion yuan, remaining below the debt ceiling of approximately 57.99 trillion yuan, indicating that local debt risks are generally manageable [12][13].