专项债“自审自发”试点省份有望扩围

Core Viewpoint - The article discusses the effectiveness of the pilot program for "self-examination and self-issuance" of local government special bonds, which has shown positive results in improving the efficiency of fund usage and is expected to expand to more provinces [3][5]. Group 1: Pilot Program Implementation - Ten provinces have been piloting the "self-examination and self-issuance" of special bonds for a year, leading to faster issuance and stricter project approvals compared to non-pilot regions [3][6]. - The pilot program allows provinces to approve special bond projects without further review from national authorities, streamlining the process and enhancing efficiency [5][6]. - The pilot provinces have reported that the new system has resulted in a more rigorous review process, ensuring higher quality and timeliness of project approvals [4][5]. Group 2: Impact on Special Bond Issuance - In 2025, the total issuance of new special bonds reached approximately 4.6 trillion yuan, marking a historical high [3]. - The average progress of new special bond issuance in pilot provinces was 93% by the third quarter of 2025, which is 18 percentage points higher than non-pilot provinces [6]. - The pilot program has led to innovations in the use of special bonds, expanding the scope of investment areas [6]. Group 3: Future Recommendations - There are suggestions to explore a "negative list" management approach for capital contributions, allowing local governments more autonomy in capital usage [7]. - The article indicates that 21 provinces not yet included in the pilot program may be considered for inclusion based on their management capabilities and strategic importance [6].