多地加速发行 ● 本报记者熊彦莎 近期，多地发行专项债投向政府投资基金。专家认为，临近年末，将专项债资金投入政府投资基金，是 优化中期财政规划的体现，有助于服务重大发展战略，支持战略性新兴产业发展和科技创新，为经济增 长培育新动能。 从投向来看，各地政府投资基金均结合区域产业特色明确了重点投向。例如，深圳市政府投资引导基金 聚焦深圳"20+8"产业集群及未来产业。西安市政府创新投资基金投向本地优势产业，包括电子信息、航 空航天、光电芯片等。 在投向精准对接产业需求的基础上，专项债资金注入政府投资基金的地域分布同样展现出鲜明的区域差 异化特征。将专项债资金用于政府投资基金的地方多位于东部地区，其中广东、浙江、上海、北京披露 的规模均达到100亿元。刘英介绍，以北上广深为代表的东部地区更加侧重科技创新和战略性新兴产 业，安徽、湖北等中部地区侧重产业转型跟区域协同，陕西等西部地区则聚焦在特色产业和创新生态培 育。 在发行期限方面，注资政府投资基金的专项债发行期限普遍在10年至30年。白彦锋表示："专项债资金 期限较长、资金规模较大，匹配长期股权投资需求。高科技产业竞争激烈、上下游产业链长、资金规模 大、投资风险大， ...

Core Insights - The recent issuance of special bonds into government investment funds reflects an optimization of mid-term fiscal planning, supporting major development strategies and fostering new economic growth drivers [1][2] Group 1: Accelerated Issuance of Special Bonds - Multiple regions have accelerated the issuance of special bonds directed towards government investment funds, with Guangdong issuing 10 billion yuan, Sichuan 5 billion yuan, and Shanghai 5 billion yuan among others [1] - A total of 11 regions have disclosed the use of special bond funds for government investment funds this year, with a total scale exceeding 80 billion yuan [1] Group 2: Support for Industry Development - The injection of special bond funds into government investment funds is a significant measure to support industrial development and technological innovation, with a focus on regional industrial characteristics [2][3] - For instance, Shenzhen's government investment fund targets the "20+8" industrial clusters, while Xi'an's fund focuses on local advantageous industries such as electronics and aerospace [2] Group 3: Regional Distribution and Characteristics - The regional distribution of special bond funds shows a clear differentiation, with eastern regions like Guangdong, Zhejiang, and Shanghai disclosing substantial amounts, each reaching 10 billion yuan [3] - Eastern regions emphasize technological innovation and strategic emerging industries, while central and western regions focus on industrial transformation and unique industry cultivation [3] Group 4: Issuance Timeline and Mechanism - The issuance period for special bonds directed towards government investment funds typically ranges from 10 to 30 years, aligning with long-term equity investment needs [3] - The recent acceleration in local special bond issuance, with a total of 492.19 billion yuan in November alone, indicates a significant increase of 71% month-on-month [4] Group 5: Risk Management and Systematic Framework - Experts highlight the need for a scientific and reasonable institutional framework to prevent potential debt risks arising from the differences in objectives and management between special bonds and government investment funds [4] - Recommendations include establishing a "special bond + government investment fund" linkage mechanism, enhancing transparency, and implementing performance evaluations throughout the project lifecycle [4]