Core Viewpoint - The issuance of refinancing special bonds has reached nearly 2 trillion yuan, indicating a proactive fiscal policy aimed at stabilizing local economic growth [1][2]. Group 1: Issuance Scale - As of June 11, the total scale of issued and pending refinancing special bonds has reached 20.3 trillion yuan, with local governments having issued 19.281 trillion yuan [3][8]. - Major provinces such as Jiangsu, Shandong, and Beijing have significant issuance scales, with Jiangsu leading at 278.142 billion yuan [4][5]. Group 2: Purpose and Impact - The refinancing special bonds are primarily aimed at replacing existing hidden debts, thereby freeing up fiscal space for local governments to stimulate economic growth [3][6]. - The issuance of long-term bonds is prevalent, with 73.21% of the bonds having a maturity of no less than 10 years [6]. Group 3: Future Outlook - The issuance of refinancing special bonds is expected to be completed this year, with the total issuance limit of 2 trillion yuan for replacing hidden debts nearly exhausted [7][8]. - The government's approach to managing local government debt is shifting towards balancing development quality and fiscal sustainability, indicating a more nuanced strategy in the future [8][9].

Core Viewpoint - The issuance of refinancing special bonds has reached nearly 2 trillion yuan, indicating a proactive fiscal policy aimed at stabilizing local economic growth [1][2]. Group 1: Issuance Scale - As of June 11, the total scale of issued and pending refinancing special bonds has reached 20,281.24 billion yuan, with recent plans from Shandong, Yunnan, and Beijing expected to increase this to 20,300 billion yuan [3][8]. - Jiangsu Province leads with an issuance scale of 2,781.42 billion yuan, followed by Shandong, Beijing, and Yunnan, all exceeding 1,000 billion yuan [4][5]. Group 2: Bond Characteristics - The majority of the refinancing special bonds issued this year are long-term, with 73.21% of the 224 bonds having a maturity of at least 10 years [6]. - The interest rates for these bonds are relatively low, with 30-year bonds ranging from 1.90% to 2.35% and 10-year bonds from 1.63% to 2.15% [6]. Group 3: Policy Implications - The issuance of refinancing special bonds is part of a broader strategy to alleviate local government debt risks while promoting economic growth, reflecting a shift from merely preventing risks to balancing risk prevention and development [8][9]. - The National People's Congress has approved an increase of 60,000 billion yuan in local government debt limits to support the replacement of hidden debts over three years [8].

Core Viewpoint - Sichuan Province will issue special refinancing bonds amounting to 11.541 billion yuan on May 20 to replace existing hidden debts [1] Group 1 - The issuance of special refinancing bonds is aimed at addressing the issue of hidden debts within the province [1] - The total amount of bonds to be issued is 11.541 billion yuan [1]