2026.01. 08 根据中诚信国际研究院数据，2025年全年全国发行地方政府债券约10.3万亿元，同比增长5.2%。 中诚信国际研究院院长袁海霞告诉第一财经，这是年度地方政府债券发行规模首次突破10万亿元。2025年地方政府债券发 行呈现多个亮点，比如，去年4.6万亿元新增专项债券使用范围进一步拓宽，对房地产相关项目的支持力度明显加大，以稳 定楼市等。去年，超10万亿地方政府债券拉动投资，惠民生、补短板，推动隐性债务风险化解，从而稳住经济大盘。 作者 | 第一财经 陈益刊 2025年地方政府债券发行已收官，发债规模创下历史新高。 本文字数：2686，阅读时长大约4分钟 "为推动今年经济社会平稳运行，预计2026年地方政府债券发行规模会继续超过10万亿元，并且适度加快发债进度，推动项 目尽早开工建设，发挥债券稳投资、补短板等效应。"中央财经大学教授温来成告诉第一财经。 10万亿资金用在哪 为了稳投资、稳楼市和支持地方政府化解隐性债务，2025年初国家将地方政府新增债券限额提高至5.2万亿元，并在四季度 又额外增加0.5万亿元地方政府债券发行额度。中央此前安排的10万亿元隐性债务置换计划持续落地，也使得再融资 ...

Core Viewpoint - The Ministry of Finance is optimizing the management mechanism of local government special bonds to enhance their effectiveness in infrastructure, social welfare, and investment expansion [1][2] Group 1: Special Bond Issuance and Management - The issuance and usage of special bonds have accelerated significantly, with a total of 2.16 trillion yuan issued in the first half of the year, representing a 45% year-on-year increase [1] - A pilot program for "self-examination and self-issuance" of special bond projects has been launched in 10 provinces and Xiong'an New Area, allowing provincial governments to approve and issue bonds independently [1] - A "green channel" has been established for ongoing projects in non-pilot areas to facilitate the issuance of special bonds, granting local governments more flexibility and autonomy [1] Group 2: Expansion of Bond Utilization Areas - The scope of special bond applications has broadened from a "positive list" to a "negative list," allowing funding for various projects except for those with no revenue, certain competitive industries, and regular expenditures [2] - Special bonds can now be used for land reserves and the acquisition of existing commercial housing for affordable housing projects, promoting a stable and healthy real estate market [2] - The range of industries eligible for special bonds as project capital has expanded from 17 to 22, with 191.7 billion yuan issued for project capital in the first half of the year, a 16% increase year-on-year [2] Group 3: Improvement of Management Mechanism - A regular project application and review mechanism has been established for non-pilot areas, with quarterly reviews and a streamlined reporting process through the information systems of the Ministry of Finance and the National Development and Reform Commission [2] - Enhanced supervision of special bond fund usage is being implemented to prevent misappropriation and ensure dedicated use of funds [2] - The Ministry of Finance plans to continue tracking and evaluating policy implementation to further optimize the management mechanism of special bonds [2]