越来越多地区，试水这个政府投资基金募资新路

Core Viewpoint - The article discusses the expansion of local government special bonds into new areas, particularly the allocation of funds to government investment funds, which aims to leverage social capital and support strategic emerging industries and urban renewal projects [1][2]. Summary by Sections Special Bonds Allocation - Guangzhou plans to allocate 20 billion yuan from its newly issued special bonds of 72.5 billion yuan to government investment funds for the first time [1][3]. - The total special bond quota for Guangzhou in 2025 is set at 376.7 billion yuan, with 72.5 billion yuan designated for city-level projects [3]. National Trends - Other regions, including Beijing and Jiangsu, have also begun to explore similar allocations of special bonds to government investment funds [4][5]. - In June, Beijing issued 100 billion yuan in special bonds specifically for its government investment guidance fund [4]. Financial Mechanism and Benefits - The shift in special bond allocation is seen as a way to enhance the financial leverage of fiscal funds, transforming special bonds from a single infrastructure financing tool into a composite policy vehicle for stabilizing growth and adjusting structures [7]. - The average term of special bonds exceeds 15 years, aligning well with the development cycles of hard technology industries [7]. Risk Management - The article highlights a multi-dimensional risk management system established for special bonds, which includes mechanisms for dynamic adjustment and risk assessment throughout the bond lifecycle [8][9]. - The design of these risk control measures aims to enhance the market appeal of special bonds as low-risk, high-quality assets [9].