Core Viewpoint - Guangdong Province is advancing the "self-examination and self-issuance" of special bonds to accelerate the issuance and utilization of these bonds, aiming to strengthen domestic economic circulation [1] Group 1: Special Bonds Initiative - The Guangdong Provincial Government has issued a work plan to promote sustained economic improvement and strengthen domestic circulation [1] - The initiative includes optimizing the allocation mechanism for special bonds, focusing on cities with well-prepared projects, high investment efficiency, and effective fund utilization [1] - Guidance will be provided to state-owned enterprises to undertake more special bonds as project capital according to regulations [1]

Core Viewpoint - The Chinese Ministry of Finance has increased support for economic provinces through special bonds, allocating debt limits to regions with well-prepared projects and high investment efficiency [1][3]. Group 1: Debt Allocation and Growth - In 2025, Zhejiang Province received a new local government debt limit of 378.8 billion yuan, including 55.9 billion yuan for Ningbo, marking an increase of 69.1 billion yuan or approximately 22.3% compared to 2024 [2][3]. - The new debt limit for Zhejiang accounts for about 7.3% of the national total new local government debt (5.2 trillion yuan), which is higher than the province's GDP share of 6.7% in 2024 [3]. - The new debt limit is primarily composed of special bonds, with 34.63 billion yuan allocated for special projects and 3.25 billion yuan for general debt [2][5]. Group 2: Debt Issuance and Management - As of April, Zhejiang had issued approximately 68.6 billion yuan in new special bonds to support 849 public welfare projects [5]. - The second batch of new debt limits for Zhejiang is 165.8 billion yuan, with 138.4 billion yuan for provincial use and 27.4 billion yuan for Ningbo [5][10]. - The allocation of new debt limits to cities and counties will be based on debt risk, financial capacity, and project funding needs [6]. Group 3: Economic Indicators - As of the first quarter of 2025, Zhejiang's GDP reached 2.23 trillion yuan, with a growth rate of 6.0% [7]. - Fixed asset investment growth was recorded at 2.0%, while total import and export volume was 1.2932 trillion yuan [7]. - The local government's debt balance at the end of 2024 was approximately 2.7281 trillion yuan, remaining within the limit of about 2.9462 trillion yuan [11].