每年万亿级地方政府专项债券（下称"专项债"）的稳投资、稳经济效应明显，但审计发现部分地方在债 券资金使用和项目管理上存在一些问题，依然值得重视。 近期，17个省份陆续公开当地2024年度省级（市级）预算执行和其他财政收支的审计工作报告（下 称"审计报告"），其中部分省份审计报告指出了专项债资金使用管理方面的问题。 部分专项债被发现的新问题，主要是专项债券监测系统出现漏洞，使得相关数据不真实不完整，影响风 险监控。部分专项债的老问题则体现在，专项债项目申报时，有的地方报大建小，夸大收益；项目资金 到位后，有的项目因为前期工作不扎实、融资等问题，项目进展慢，乃至停工造成资金闲置。部分项目 进入运营后，项目收益不及预期，甚至没有收益，一些地方偿还利息出现困难，潜藏风险。 目前国务院已经出招逐步解决上述问题。那么，专项债上述新老问题背后深层次原因是什么？如何才能 真正解决上述问题，进一步提高资金使用效益？ 专项债问题扫描 近些年新增专项债发行规模不断攀升，其中今年预计高达4.4万亿元。财政部数据显示，截至今年6月 底，全国地方政府专项债务余额约34.8万亿元，占地方债务余额总额（51.9万亿元）比重约67%。专项 债 ...

Core Viewpoint - The article highlights the strict regulatory measures imposed by provincial governments on the issuance and use of special bonds, aimed at preventing misuse and ensuring funds are allocated to actual projects rather than being diverted to other areas [2][3][6]. Group 1: Regulatory Measures - Several provinces have intensified management of special bond funds, requiring dedicated fiscal accounts for these funds and mandating timely reporting on fund usage and project status [4]. - Counties with issues related to special bonds are prohibited from issuing new bonds until they rectify the problems [5]. - The audit results revealed that 1,325.97 billion yuan was mismanaged, with 651.8 billion yuan being misappropriated for other uses, highlighting the need for stringent oversight [6][10]. Group 2: Misuse of Special Bonds - Misuse of special bonds has been prevalent, with funds being redirected to cover general expenditures rather than being used for designated projects, violating the intended purpose of these bonds [10][11]. - Local governments have employed various methods to misappropriate special bond funds, including circular financing through affiliated companies [7][8]. - The pressure to maintain "three guarantees" (basic living needs, education, and healthcare) has driven local governments to divert special bond funds to cover budget shortfalls [11][13]. Group 3: Impact on Local Governments - The tightening of special bond regulations may lead to reduced flexibility in fund allocation for local governments, potentially causing financial strain in the short term [15]. - The changes in special bond usage rules disproportionately affect lower-tier governments, which often rely on these funds for liquidity [16]. - The article suggests that while the immediate impact may be challenging for financially constrained regions, long-term compliance with regulations could enhance fiscal discipline and transparency [15][16].