一些地方专项债存偿还压力，国务院已出招

Core Viewpoint - The article discusses the increasing risks associated with local government special bonds in China, highlighting the challenges in debt management and the pressure on local governments to repay these debts due to declining revenues from land sales and project returns [3][5][12]. Summary by Sections Special Bonds and Debt Management - The issuance of special bonds has significantly increased, from approximately 0.1 trillion yuan in 2015 to 4.4 trillion yuan in 2025, with the balance of local government special debt reaching about 35.5 trillion yuan, accounting for approximately 67% of total local government debt [5][12]. - Special bonds are intended for public welfare projects, but many projects have underperformed, leading to insufficient returns and increased repayment pressure on local governments [5][6]. Revenue Decline and Financial Pressure - Local government revenue from land sales peaked at about 9.4 trillion yuan in 2021 but has declined for three consecutive years, dropping to approximately 5.7 trillion yuan in 2024 [5][6]. - In the first eight months of 2024, local government revenue from land sales was 23.5 billion yuan, a year-on-year decrease of 1.6% [5]. Audit Findings and Repayment Challenges - Audit reports from various provinces indicate that some local governments are struggling to repay interest on special bonds, with instances of misusing funds to cover these payments [6][7]. - In 2024, local government bond interest payments are projected to be 1.3542 trillion yuan, representing about 7.7% of total local government revenue [7][8]. Government Response and Policy Adjustments - The State Council has introduced measures to optimize the management of local government special bonds, including adjusting the allocation of bond quotas to ensure they align with local financial capabilities and project returns [12][14]. - The new policies aim to expand the sources of repayment funds and encourage local governments to establish reserve funds for bond repayment, thereby mitigating repayment risks [14]. Current Debt Status - As of July 2025, the total local government debt is approximately 52.8 trillion yuan, remaining within the approved debt limit of about 57.9 trillion yuan [14].