规模超500亿！地方政府举债投向政府投资基金

Core Viewpoint - Local governments are increasingly attempting to raise funds through debt to enhance local government investment funds, with a notable issuance of 6.52 billion yuan in special bonds by Shenzhen for this purpose [3][4]. Group 1: Special Bonds Issuance - As of this year, cities including Beijing, Jiangsu, Guangzhou, Zhejiang, Ningbo, Shaanxi, Shanghai, Anhui, and Hubei have collectively issued 52 billion yuan in special bonds directed towards local government investment funds [3][5]. - The issuance of special bonds for government investment funds marks a new approach, previously restricted by regulations that prohibited such funding sources [4][5]. Group 2: Regulatory Changes - In late 2022, the State Council expanded the scope of special bonds, allowing them to be directed towards government investment funds, as they were not included in the "negative list" of funding sources [5][6]. - The guidance issued in January 2023 emphasized the need for government investment funds to focus on long-term capital and risk prevention, prohibiting illegal debt financing by local governments [5][6]. Group 3: Financial Implications - The use of special bonds to support government investment funds is seen as advantageous due to lower financing costs and the ability to align with policy objectives [6]. - The maturity of special bonds directed towards government investment funds typically ranges from 10 to 20 years, with local government revenue providing a strong backing for these bonds, leading to AAA credit ratings from agencies [6].