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前8个月地方政府借钱约7.7万亿,六成用于偿还旧债
第一财经·2025-09-04 15:25

Core Viewpoint - Local governments are accelerating borrowing to invest in major projects and repay old debts to boost the economy and mitigate risks [2][3]. Group 1: Borrowing Scale and Purpose - In the first eight months of this year, local governments issued approximately 7.7 trillion yuan in bonds, a year-on-year increase of 42%, marking a historical high for the same period [2]. - Of the 7.7 trillion yuan in bonds, about 3.8 trillion yuan were refinancing bonds, which increased by 64% year-on-year, while 3.9 trillion yuan were new bonds, up 26% year-on-year [3]. - Approximately 4.77 trillion yuan, or 62% of the total borrowing, was used for repaying old debts, while nearly 3 trillion yuan was allocated for major project construction [8]. Group 2: Special New Bonds - Special new bonds, which are primarily used for major public projects, have also been utilized for refinancing hidden debts and repaying overdue corporate payments, referred to as "special new special bonds" [6]. - The issuance of special new bonds exceeded market expectations, with nearly 1 trillion yuan issued for refinancing hidden debts, surpassing the previously stated 800 billion yuan target [6][7]. - It is estimated that around 2 trillion yuan of new special bonds will be allocated to resolve overdue corporate payments this year [7]. Group 3: Investment Allocation - Among the nearly 2.3 trillion yuan allocated for project construction, approximately 28% was directed towards municipal and industrial park infrastructure, 18% towards transportation infrastructure, and 14% towards land reserves [9]. - The implementation of a "negative list" management approach has significantly broadened the investment scope for special bonds, allowing for land reserve investments, which totaled about 324 billion yuan in the first eight months [9]. Group 4: Debt Risk Management - As of July 2025, the total local government debt is projected to be approximately 52.76 trillion yuan, remaining within the limit of about 57.99 trillion yuan, indicating that local debt risks are generally manageable [10].