2025.11.21 本文字数：1612，阅读时长大约3分钟 作者 |第一财经 陈益刊 今年以来中国财政政策更加积极，财政支出保持一定力度，推动经济持续回升向好。 根据财政部最新数据测算，今年前10个月，广义财政（即全国一般公共预算和全国政府性基金预算）收 入约22.1万亿元，同比增长约0.2%；广义财政支出约30.7万亿元，同比增长约5.2%；广义财政支出超过 收入约8.6万亿元，同比增长约21%。 广义财政支出规模及增速，是衡量财政政策积极程度的关键指标。在今年以来广义财政收入基本与去年 同期持平情况下，广义财政支出保持5.2%的增速，明显高于收入增速。这说明积极财政政策发力，财 政支出保持一定力度。广义财政支出增速与前三季度经济增速（5.2%）持平，支持了经济平稳运行。 从财政支出结构来看，今年财政资金明显向民生领域倾斜，这也与今年政府工作报告提出推动更多资金 资源"投资于人"相契合。 与民生关联最为紧密的是全国一般公共预算账本。根据财政部数据，今年前10个月，全国一般公共预算 支出约22.6万亿元，同比增长2%。其中与民生关联最为紧密的社会保障和就业支出（3.8万亿元）、教 育支出（3.4万亿元）、卫 ...

根据2019年的中办、国办发布的《关于做好地方政府专项债券发行及项目配套融资工作的通知》，地方 政府不得将专项债券作为政府投资基金、产业投资基金等各类股权基金的资金来源。不过，在2024年底 国务院办公厅发布的《关于优化完善地方政府专项债券管理机制的意见》中，专项债券可投向的领域得 到了扩大，未纳入"负面清单"的项目均可申请专项债券资金，而政府投资基金并不在"负面清单"之中。 今年1月，国务院办公厅进一步发布了《关于促进政府投资基金高质量发展的指导意见》。为防控风 险，该《意见》严禁地方政府通过违法违规举债融资进行出资，不得新增地方政府隐性债务，不得强制 要求国有企业、金融机构出资或垫资。 在此背景下，地方密集发行专项债投向政府投资引导基金。据证券日报整理中国债券信息网各地官方披 露的数据统计，今年以来已有北京、江苏、浙江、安徽等多地发行专项债券投向当地政府投资基金，合 计规模超过500亿元。 政府投资引导基金，本质上是一种由政府出资设立，不以盈利为首要目的，旨在吸引和带动社会资本 （如银行、保险公司、民营企业等）共同投资于特定领域或早期创业企业的政策性基金。 中国债券信息网11月18日披露的文件显示，深圳将 ...

Core Viewpoint - The report highlights a significant increase in government fund budget expenditures in China for the first ten months of the year, driven by accelerated utilization of bond funds by various levels of government [1] Group 1: Government Fund Budget Expenditures - Total government fund budget expenditures reached 8.09 trillion yuan, marking a growth of 15.4% year-on-year [1] - The expenditures include 4.54 trillion yuan allocated from various bond funds, which encompasses special local government bonds, ultra-long-term special national bonds, and special national bonds for central financial institution injections [1]

引言：理解专项债支持全域土地综合整治的战略逻辑全域土地综合整治是以科学规划为前提，对一定区域内田、水、路、 林、村进行全要素综合整治，对耕地、建设用地、工矿废弃地以及人居环境进行系统性修复、优化、提升的综合性活动。它 不仅是实现耕地保护、保障粮食安全、优化国土空间格局的关键抓手，更是推动城乡融合发展、实施乡村振兴战略的重要平 台。 地方政府专项债券（以下简称"专项债"）作为现阶段地方政府主导的重大项目的重要融资渠道，其"资金跟着项目走"的原则 与全域土地综合整治项目投资规模大、公益性突出、收益自求平衡的特点高度契合。成功申请专项债，能为项目提供期限 长、成本相对较低的建设资金，有效破解地方财政投入不足的难题。 生态环保领域： 涉及土壤污染治理、水环境综合治理、矿山生态修复、国土绿化等子项目。 然而，专项债的申请绝非简单的"写材料、报计划"，而是一项涉及顶层设计、财务测算、风险管理、合规建设的系统工程。 第一部分：全域土地综合整治项目申请专项债的全流程精解 第二部分：除申报发行外，项目成功实施的核心注意事项 第一部分：全域土地综合整治项目申请专项债的全流程精解申请专项债是一个周期性工作，需要提前至少半年到一年进 ...

Core Insights - The National Development and Reform Commission (NDRC) has successfully allocated 500 billion yuan in new policy financial tools, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, AI, and urban infrastructure [1][2] - The NDRC is accelerating the implementation of effective investment policies, including an additional 200 billion yuan in special bonds to support local government investments [2] - China's GDP grew by 5.2% year-on-year in the first three quarters, maintaining a leading position among major global economies [2][3] Investment and Economic Support - The NDRC, in collaboration with various ministries, has facilitated the rapid deployment of 500 billion yuan to support key sectors and projects, particularly in economic provinces and private investment [1] - An additional 200 billion yuan in special bonds has been allocated to enhance local government financial capacity and stimulate effective investment [2] Economic Performance - In the first three quarters, China's industrial added value increased by 6.2%, marking the highest growth since 2022, with significant contributions from equipment and high-tech manufacturing sectors [2][3] - The retail sales of consumer goods rose by 4.5%, reflecting a 1.2 percentage point acceleration compared to the previous year [2] Innovation and Industry Growth - China's innovation index has entered the global top ten, supporting the development of emerging industries [3] - The added value of the equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6%, respectively, indicating a strong industrial performance [3] Export and Market Resilience - Despite external challenges, China's goods exports maintained a growth rate of 7.1%, with high-tech and high-value-added products seeing significant demand [5] - Exports to Belt and Road countries increased by 12.4%, showcasing a diversified export strategy [5] Future Outlook - The NDRC is confident in achieving annual economic and social development goals, supported by positive forecasts from international economic organizations [6] - Continuous policy implementation and adjustments are expected to further enhance economic performance and investment opportunities [6]

Core Insights - Local government special bonds play a crucial role in stabilizing growth and investment, with over 89% of the annual issuance and planned issuance limits reached as of October 30 this year [1] - The Ministry of Finance has announced that the new local government debt limit for 2026 will be issued in advance, indicating proactive fiscal measures [1] - Several local governments have already begun preparing projects for next year, suggesting an acceleration in the allocation of incremental funds [1] - The influx of these funds is expected to provide strong support for infrastructure investments [1]

Core Viewpoint - Local government special bonds play a crucial role in stabilizing growth and investment, with over 89% of the annual issuance limit already reached as of October 30 this year [1] Group 1: Special Bonds Issuance - The total amount of special bonds issued and planned for issuance has exceeded 89% of this year's limit [1] - The Ministry of Finance has announced that the new local government debt limit for 2026 will be allocated in advance [1] Group 2: Future Projects and Investment - Some local governments have already initiated project reserve work for the upcoming year [1] - Experts believe that the influx of incremental funds is expected to accelerate, providing strong support for infrastructure investment [1]

Core Insights - The Ministry of Finance's Treasury Payment Center reported that in the first three quarters, local government special bonds, ultra-long-term special national bonds, and special national bonds for central financial institution capital injection totaled 4.21 trillion yuan, enhancing economic development momentum and promoting a sustained recovery in the economy [1] Group 1 - The total expenditure from various bond types reached 4.21 trillion yuan [1] - The funding is aimed at boosting economic development and supporting a positive economic recovery trend [1]

Background - Local government special bonds are important policy tools for stabilizing investment, addressing shortcomings, and preventing risks. The issuance scale of special bonds in China has increased significantly from less than 100 billion yuan in 2015 to over 4 trillion yuan in 2022, with an expected increase to approximately 4.4 trillion yuan by 2025. The management and utilization of special bond funds have become increasingly important due to the expansion of their scale [1] Main Content and Interpretation - The new regulations clarify the boundaries of repayment responsibilities for special bonds, accounting treatment for different types of project units, information reporting requirements, and the handling of new and old accounting methods [2] Clarification of Repayment Responsibility Boundaries - The new regulations categorize project units into administrative and enterprise types, determining repayment responsibilities based on project implementation plans or financing balance agreements. This change clarifies that repayment obligations are not automatically assigned based on the identity of the project unit, thus reducing the risk of hidden debts [3] Accounting Treatment for Different Types of Project Units - The regulations specify accounting treatments for administrative and enterprise project units regarding the acquisition of special bond funds, asset construction, and project income [4] Reporting Requirements for Special Bond Projects - Project units are required to submit "Special Bond Project Investment Tables" and "Repayment Situation Tables" to enhance transparency and accountability in the management of special bond funds [8] New and Old Accounting Method Transition - Administrative project units must transition existing special bond funds to comply with the new regulations, ensuring proper accounting treatment and reporting [9] Impact on Special Bond Projects and Recommendations Financial Risk Visibility - The regulations enhance the visibility of financial risks, compelling local governments to conduct thorough project planning and risk assessments before selecting project units. This shift emphasizes the need for careful management and oversight to mitigate repayment risks [10][11] Lifecycle Management of Project Assets - The regulations promote comprehensive lifecycle management of project assets, requiring detailed reporting on the status of special bond projects, funding sources, and repayment situations. This approach aims to improve asset quality and funding efficiency [12] Stricter Debt Management in High-Risk Areas - High-risk regions will face stricter debt management requirements, necessitating careful monitoring of debt levels and repayment obligations. This increased transparency will aid in dynamic supervision by higher-level governments [13][14] Visualization of Funding Utilization Efficiency - The use of special bond funds has diversified, with allocations now extending to debt resolution, land reserves, and other areas. In the first eight months of 2025, the issuance of new special bonds reached 3.26 trillion yuan, with a significant portion allocated for various purposes [15][16] Shift from Scale Expansion to Quality Improvement - The regulations encourage local governments to shift their focus from merely expanding the scale of special bond issuance to enhancing the quality and precision of fund allocation, ultimately improving the efficiency and effectiveness of public investments [17]

Core Viewpoint - Local government special bonds, ultra-long-term special treasury bonds, and central budgetary funds are the three core funding sources for promoting major projects, each with distinct characteristics and requirements for application and approval processes. Funding Source Comparison Ultra-Long-Term Special Treasury Bonds - Support areas include national strategic directions, regional coordinated development, food production enhancement, technological self-reliance, and ecological safety projects. Specific investment focuses on technology research, green infrastructure, and public welfare systems [1]. Local Government Special Bonds - Key support directions include traditional infrastructure, energy projects, municipal infrastructure, social services, and new infrastructure projects. The core requirement is that projects must generate stable government revenue to cover bond principal and interest, with a coverage ratio of at least 1.2 [2]. Central Budgetary Investment - Focuses on public welfare projects, rural development, major infrastructure, social services, and ecological civilization projects. The requirement is for projects to be purely public welfare with significant social benefits but not necessarily economic returns [3]. Application Requirements and Processes Special Treasury Bonds Application Process - The application process involves several steps, including notification from the state, project selection by provincial departments, preparation of application materials, and approval by national departments. A new feature for 2025 is the establishment of a separate application channel with a "report and review" mechanism [4]. Special Bonds Application Process - Applications are conducted throughout the year with three batch submissions. The process includes project planning, inclusion in national and local project databases, and joint reviews by provincial departments [6]. Central Budgetary Investment Application Process - Applications are typically submitted in two batches each year. The process includes notification from the National Development and Reform Commission, preparation of materials, initial reviews by local departments, and final approval by national authorities. In 2025, an online approval platform will be fully implemented [7]. Application Considerations - Applications for special treasury bonds must align with policy requirements, ensure sufficient preparatory work, and avoid overlap with central budgetary investments [8]. - Projects must be new or under construction, with new projects expected to start by the end of 2025, and existing projects must be nearing completion [9]. - Projects should not include prohibited content such as real estate development or performance projects [10]. - A clear funding plan must be presented to ensure complete funding closure for the project [10]. Successful Case Studies Special Treasury Bonds - A project for high-standard farmland construction received 800 million yuan in special treasury bonds, aligning with national food security strategies [78]. Special Bonds - A smart parking project with a total investment of 500 million yuan successfully issued 300 million yuan in special bonds, demonstrating a clear revenue model [78]. Central Budgetary Investment - A new compulsory education school project received 50 million yuan in central budgetary investment, addressing urgent educational needs [78]. Choosing Funding Channels - Projects with stable revenue should consider special bonds, while those with no revenue but strategic importance should look at special treasury bonds. Purely public welfare projects should apply for budgetary investments [79]. - For large projects, a combination of funding sources may be beneficial, such as using budgetary investment for public welfare components and special bonds for revenue-generating parts [79]. 2025 Application Recommendations - Stay updated on national policy trends, prepare project materials in advance, and enhance communication with supervisory departments to improve application success rates [79].