地方明年尽早发债可以推动一些重大项目尽早开工建设，这将为明年经济增长奠定良好基础，确保"十 五五"开好局。 为了稳经济，地方政府正着手明年初发行政府债券筹资支持重大项目建设等，目前预计一季度筹资规模 已超过1万亿元。 第一财经梳理各地财政部门公开信息发现，截至12月22日，至少有四川、江苏、江西、贵州等14个省市 （自治区、直辖市、计划单列市）已经公开了明年一季度或1月当地政府债券发行计划，累计发行规模 近1.2万亿元。 中央财经大学教授温来成告诉第一财经，从往年来看，提前下达地方政府下一年债务限额从而尽早发债 是常规动作。但是今年前11个月全国固定资产投资增速出现下降（-2.6%），其中基建投资增速也有所 下滑，这比较少见。中央此时提出推动投资止跌回稳，且2026年又是"十五五"开局之年，地方明年尽早 发债可以推动一些重大项目尽早开工建设，这将为明年经济增长奠定良好基础，确保"十五五"开好局。 当前地方财政收支矛盾较大，重大项目建设资金比较依赖地方政府发债。为了防控地方政府债务风险， 当年地方政府新增发债总额需要全国人大在每年3月份全国两会期间批准，而这又会使得地方发债集中 在下半年。 为了加快地方政府债券 ...

为了稳经济，地方政府正着手明年初发行政府债券筹资支持重大项目建设等，目前预计一季度筹资规模 已超过1万亿元。 第一财经梳理各地财政部门公开信息发现，截至12月22日，至少有四川、江苏、江西、贵州等14个省市 （自治区、直辖市、计划单列市）已经公开了明年一季度或1月当地政府债券发行计划，累计发行规模 近1.2万亿元。 为了加快地方政府债券发行使用进度，保障重点领域重大项目资金需求，2018年底以来，全国人大常委 会授权国务院可以提前下达下一年度新增地方政府债务限额，这就使得地方提前收到财政部下达的部分 新增债券发行额度，以便在第二年初尽早发债。 早在今年10月份，时任财政部预算司一级巡视员李大伟（现任财政部债务管理司司长）公开表示，将尽 早提前下达2026年新增地方政府债务限额，便于各地做好与2026年预算编制的衔接，支持重点项目2026 年一季度建设资金需求。 而上述14个省市披露的明年一季度或1月份发债计划中，多数省市均披露了将发行部分新增债券。比如 江苏省财政厅发布的明年一季度发债初步计划显示，江苏计划明年一季度发行政府债券合计1056亿元， 其中新增债券发行700亿元，再融资债券发行356亿元。 长期关 ...

早在今年10月份，时任财政部预算司一级巡视员李大伟（现任财政部债务管理司司长）公开表示，将尽 早提前下达2026年新增地方政府债务限额，便于各地做好与2026年预算编制的衔接，支持重点项目2026 年一季度建设资金需求。 而上述14个省市披露的明年一季度或1月份发债计划中，多数省市均披露了将发行部分新增债券。比如 江苏省财政厅发布的明年一季度发债初步计划显示，江苏计划明年一季度发行政府债券合计1056亿元， 其中新增债券发行700亿元，再融资债券发行356亿元。 为了稳经济，地方政府正着手明年初发行政府债券筹资支持重大项目建设等，目前预计一季度筹资规模 已超过1万亿元。 记者梳理各地财政部门公开信息发现，截至12月22日，至少有四川、江苏、江西、贵州等14个省市（自 治区、直辖市、计划单列市）已经公开了明年一季度或1月当地政府债券发行计划，累计发行规模近1.2 万亿元。 多位地方债专家告诉第一财经，随着后续更多地方披露明年发债计划，这一发债规模会更大。这也体现 了明年更加积极财政政策靠前发力，以带动有效投资，持续化解地方政府隐性债务风险，从而助推明年 一季度经济平稳开局。 明年地方万亿级发债将启动 当前地方财 ...

Group 1: Economic Overview - The Chinese economy is showing steady growth and continues to play a major role as a driver of global economic growth, despite facing challenges from geopolitical tensions and technological changes [7][8]. - China's GDP for the first three quarters of 2025 grew by 5.2% year-on-year, with a third-quarter growth rate of 4.8%, indicating resilience amid external pressures and internal transitions [13]. - The recent CPI data shows a year-on-year decrease of 0.3% in October, with a slight month-on-month increase of 0.1%, reflecting low but improving price levels [6][14]. Group 2: Policy and Regulatory Developments - The Ministry of Finance will continue to advance the new local government debt limit for 2026 to support key projects, with an increase of 1,000 billion yuan compared to the previous year [8][9]. - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code for listed companies, effective January 1, 2026, focusing on enhancing the supervision of directors and senior management, and improving incentive mechanisms [9][10]. - The revisions aim to strengthen regulatory constraints on key stakeholders in listed companies, transitioning governance from mere compliance to effective performance enhancement [10][11]. Group 3: International Relations - Recent communications between Chinese and U.S. officials indicate a mutual desire to resolve trade differences through dialogue, which could positively impact bilateral economic relations and market sentiment [11][12].

Group 1 - The 30-year government bond ETF from Bosera has seen a slight decline of 0.18% as of October 20, 2025, with a latest price of 106.93 yuan, but has accumulated a rise of 1.68% over the past week as of October 17, 2025 [1] - The trading volume for the 30-year government bond ETF reached 1.566 billion yuan with a turnover rate of 9.07%, and the average daily trading volume over the past week was 4.167 billion yuan [1] - The Ministry of Finance announced measures to support government bond market making and enhance liquidity in the secondary market, indicating a proactive approach to manage the yield curve [1] Group 2 - Guojin Securities reported that the fixed income market indicators show a balanced outlook with half of the 49 high-frequency indicators signaling positive trends, despite some negative signals from bill financing [2] - The latest scale of the 30-year government bond ETF from Bosera is 17.291 billion yuan, closely tracking the Shanghai Stock Exchange's 30-year government bond index [3]

Group 1: Fiscal Policy Measures - The central government has allocated 500 billion yuan from local government debt limits to support local fiscal capacity and address outstanding debts[3] - The local government general debt limit for 2024 is set at 17.3 trillion yuan, with a special debt limit of 29.5 trillion yuan, and an additional 600 billion yuan for debt replacement over three years[3] - The new 500 billion yuan debt limit is expected to be issued quickly, potentially by the end of the year, to support infrastructure projects and debt resolution[5] Group 2: Economic Impact - The issuance of the 500 billion yuan debt is projected to stimulate social financing and improve liquidity in the market[5] - The advance allocation of 2026 local government debt limits allows for 31.2 trillion yuan in total, supporting major strategic projects and addressing hidden debts[6] - The fiscal deposits increased by 1.37 trillion yuan in the first nine months of 2025, indicating accelerated fiscal spending compared to 724.8 billion yuan in the same period of 2024[7] Group 3: Market Outlook - The market is currently experiencing a "weak stock, strong bond" dynamic due to external disturbances and profit-taking after significant stock gains[2] - The ongoing fiscal policies are expected to enhance market stability, especially around the time of the 20th Central Committee meeting[8] - Risks include potential delays in policy implementation and major project commencements not meeting expectations[9]

Fiscal Revenue and Expenditure - The fiscal revenue for the first three quarters reached 16.39 trillion yuan, showing a year-on-year growth of 0.5%, with a notable increase in the third quarter of 2.5% [1][2] - Tax revenue, as the main component of fiscal income, grew by 0.7% year-on-year, with domestic value-added tax increasing by 3.6%, and corporate income tax rising by 0.8% [2] - Total fiscal expenditure for the first three quarters was 20.81 trillion yuan, reflecting a year-on-year increase of 3.1%, with significant growth in social security and employment (10%), education (5.4%), and environmental protection (8.8%) [2][3] Government Debt and Project Funding - The Ministry of Finance will continue to advance the new local government debt limit for 2026 to support key projects, with a recent allocation of 500 billion yuan from the existing debt limit [1][3] - The new debt limit aims to facilitate early issuance and usage, ensuring that local governments can meet their funding needs for significant projects in the first quarter of 2026 [3] - The recent allocation of 500 billion yuan is 100 billion yuan more than the previous year, aimed at enhancing local government financial capacity and addressing existing debts [3] Policy Adjustments for Consumer Goods - The Ministry of Finance, in collaboration with customs and tax authorities, announced adjustments to the Hainan duty-free shopping policy, focusing on expanding consumer demand and diversifying product offerings [4] - The revised policy includes 47 categories of duty-free goods, enhancing the shopping experience for travelers and allowing local residents to purchase certain items without restrictions [4] - The adjustments are expected to stimulate consumption and provide new opportunities for economic growth in Hainan [4]

Group 1 - The Chinese Ministry of Finance will continue to advance the issuance of new local government debt limits for 2026 to support major projects and maintain economic recovery momentum [1][2] - The practice of advancing debt limits has proven beneficial for accelerating bond issuance, ensuring project construction progress, and stabilizing the government bond market [1] - The Ministry plans to allocate the advanced limits not only for eligible project construction but also to address existing hidden debts and government arrears to enterprises [1] Group 2 - Recently, the central government allocated 500 billion yuan from the local government debt balance limit, an increase of 100 billion yuan compared to the previous year [2] - The allocated funds will be used to enhance local government financial capacity, resolve existing government investment project debts, and address government arrears to enterprises [2] - The allocation also aims to support eligible projects in major economic provinces to effectively expand investment and enhance their economic role [2]

Core Points - The Ministry of Finance will continue to advance the issuance of new local government debt limits for 2026, facilitating the alignment with budget preparation and supporting key project funding needs in the first quarter of 2026 [1] - The early issuance of debt limits will primarily support major strategies and key projects identified by the central government, as well as assist in resolving existing hidden debts and government arrears to enterprises [1] Group 1 - The Ministry of Finance has arranged for 500 billion yuan from the local government debt limit to be allocated to local governments [2] - This allocation aims to enhance local government financial capacity, support the resolution of existing government investment project debts, and address government arrears to enterprises [2] - The use of this debt limit is expected to consolidate the positive trend of economic recovery and effectively support local governments in achieving their economic and social development goals for the year [2]

Core Viewpoint - The Ministry of Finance will continue to advance the new local government debt limit for 2026 this year, focusing on expediting procedures, supporting major strategic projects, and addressing existing hidden debts and government arrears to enterprises [1] Group 1: Debt Limit and Procedures - The Ministry of Finance aims to expedite the process of issuing the new local government debt limit for 2026 [1] - The focus will be on quickly fulfilling relevant procedures to ensure timely issuance of the limit [1] Group 2: Project Support - The early issuance of the debt limit will primarily support major strategic projects identified by the Central Committee and the State Council [1] Group 3: Debt Management and Fiscal Stability - The early debt limit issuance will not only fund eligible project constructions but will also assist local governments in resolving existing hidden debts and addressing overdue payments to enterprises [1] - This initiative is intended to promote stable operations of local finances [1]