超35万亿元地方政府专项债管理升级

Core Viewpoint - The Ministry of Finance has introduced new regulations to enhance the management and utilization of local government special bonds, aiming to standardize accounting practices and improve the efficiency of fund usage [2][3]. Group 1: Regulations Overview - The new regulations, titled "Interim Provisions on Accounting Treatment Related to Local Government Special Bonds," will take effect on January 1, 2026, and are designed to address discrepancies in financial reporting among project units receiving special bond funds [2][4]. - Special bonds are issued for public welfare projects with expected revenue, using government fund income or special revenue as repayment sources. The issuance scale of special bonds has rapidly increased, reaching 4.4 trillion yuan this year, with total local government special debt amounting to approximately 35.5 trillion yuan, accounting for 67% of total local government debt [2][3]. Group 2: Accounting Treatment - The regulations specify accounting treatment for both administrative and enterprise project units, ensuring accurate reflection of financial status and reinforcing management responsibilities [4]. - Project units must determine their repayment obligations based on project implementation plans or financing balance plans, confirming liabilities only if specified in these documents [4]. Group 3: Information Management - Project units are required to prepare "Special Bond Project Investment Tables" and "Special Bond Fund Repayment Situation Tables," collecting comprehensive data on fund receipts, repayments, expenditures, and asset formation [4][5]. - The lack of a systematic information reporting and aggregation framework has hindered the comprehensive understanding of special bond projects. The new requirements aim to provide lifecycle information for each project, supporting effective management and decision-making at both regional and national levels [5].