Core Viewpoint - The implementation details for optimizing the management of special bonds in Shanxi Province have been released, aiming to enhance the lifecycle management of borrowing, usage, administration, and repayment of these bonds, effective from April 21, 2025, for a duration of two years [1][28]. Group 1: Definition and Scope - Special bonds are defined as local government bonds issued by the provincial government for the construction of public welfare projects with certain revenue, with a commitment to repay principal and interest within a specified period [2][9]. - The provincial government is the issuing body for special bonds, with city and county governments required to utilize these bonds through unified issuance and tiered lending from the provincial government [3][10]. Group 2: Debt Management and Project Allocation - The scale of debt incurred through the issuance of special bonds is subject to limit management, prohibiting any exceedance of the approved limits [4][11]. - Special bonds must be allocated to tangible government investment projects, adhering to a "negative list" management approach regarding investment areas [5][11]. - Projects and funds related to special bonds are managed at different levels, with clear responsibilities assigned to users and regulators [6][11]. Group 3: Project Preparation and Approval - Project departments must guide project units in planning and reserving special bond projects based on local planning and construction needs [12]. - Special bond reserve projects must meet specific criteria, including compliance with management requirements and completion of project approval through the online platform [13]. - The provincial development and reform commission, along with the provincial finance department, will organize ongoing project reserve work and project application processes [14][16]. Group 4: Fund Allocation and Budget Management - Fund allocation management will favor regions with well-prepared projects and high investment efficiency, ensuring alignment between special bond scale and local financial capacity [16][17]. - All special bond income, expenditure, and repayment must be included in the government fund budget management [18]. Group 5: Issuance and Usage Management - The provincial finance department will develop a comprehensive issuance plan for special bonds, considering market principles and project maturity [19][20]. - Special bond funds are strictly designated for corresponding public capital expenditures, with prohibitions against misuse for regular expenses [20][21]. Group 6: Repayment and Performance Management - Various departments are responsible for ensuring timely repayment of special bonds, with encouragement for establishing reserve funds for repayment [29][30]. - Performance management will be implemented throughout the lifecycle of special bond projects, with evaluations influencing future bond allocations [41].

Core Viewpoint - The provincial government of Liaoning has effectively executed its budget for the first half of 2025, aligning with central and provincial directives, while facing challenges in revenue stability and structural issues [1][2] Group 1: Budget Execution Overview - The provincial government and financial departments have adhered to the central government's policies, focusing on comprehensive revitalization and implementing a more proactive fiscal policy [1] - The overall budget execution for the first half of 2025 is deemed satisfactory, providing strong support for achieving key strategic tasks and ensuring basic livelihood financing [1] Group 2: Challenges Identified - There are notable difficulties in the budget execution, including unstable revenue growth and a need for improvement in revenue structure [1] - The financial balance at the grassroots level is under pressure, indicating a tightening situation [1] Group 3: Recommendations for Improvement - Implement a more proactive fiscal policy to enhance financial support for major strategic tasks and stimulate effective investment [2] - Optimize the fiscal revenue structure by stabilizing industrial tax sources and improving non-tax revenue management [2] - Strengthen the management of special bonds throughout their lifecycle to ensure proper usage and enhance efficiency [2] - Focus on preventing and mitigating fiscal risks while adhering to priority principles for basic financial guarantees [2] - Enforce strict financial discipline and enhance the financial supervision system to ensure the safe and regulated use of fiscal funds [2]