21社论丨积极财政政策靠前发力，推动实现经济“开门红”

Core Viewpoint - The article discusses the issuance of local government bonds in China, highlighting a significant increase in the scale and structure of bond issuance for 2026, driven by proactive fiscal policies aimed at supporting economic growth and project funding [1][2]. Group 1: Bond Issuance Overview - As of January 27, 2026, a total of 584.7 billion yuan in local bonds has been issued, with new special bonds accounting for 196.2 billion yuan, representing 33.6% of the total [1]. - The planned issuance of local bonds for the first quarter exceeds 2.5 trillion yuan, marking the highest level for the same period in three years [1]. Group 2: Bond Structure - The first quarter's planned issuance includes 764.4 billion yuan in new special bonds and 1.21 trillion yuan in refinancing special bonds, making up 29.5% and 46.7% of the total issuance plan, respectively [2]. - New special bonds will focus on high-quality projects that can quickly generate tangible results, while refinancing bonds will primarily be used to repay maturing debts and optimize debt structures [2]. Group 3: Issuance Mechanism - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [3]. - This mechanism requires local governments to take on greater responsibility for project quality and risk management, leading to differentiated bond issuance rates based on regional fiscal health and project viability [3]. Group 4: Fund Utilization - New special bonds will emphasize project orientation and strategic layout, targeting major projects outlined in the national "14th Five-Year Plan" [4]. - The funding will support critical infrastructure related to food security, energy security, and emerging industries such as quantum technology and artificial intelligence [4]. - There will be an optimization of the mechanism for using special bonds as project capital, increasing the capital usage ratio to attract more social capital into major projects [5].