越来越多地方开始尝试举债来充实当地政府投资基金。 不过去年底国务院办公厅发布《关于优化完善地方政府专项债券管理机制的意见》，扩大专项债券投向 领域，其中对口专项债券投向领域采取了"负面清单"管理，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，多位接受第一财经采访的专家表示，这意味着专项债被 允许投向政府投资基金等股权基金。 今年1月，国务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（下称《意见》），其 中在部署政府投资基金找准定位，更好服务国家发展大局时要求，发展壮大长期资本、耐心资本，比如 积极引导全国社会保障基金、保险资金等长期资本出资。 为防控风险，上述《意见》要求加强政府投资基金风险防范，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。 在这一背景之下，地方密集发行专项债投向政府投资引导基金。 中证鹏元研发部高级董事吴志武认为，近年来地方经济发展趋缓，地方财政收入增速下降，支出压力较 为突出，导致资金供给所带来的挑战，政府投资基金迫切需要拓宽资金来源。而相比保险、银行等其他 社会资金，专 ...

Core Viewpoint - Guangzhou plans to allocate 2 billion yuan from newly issued special bonds to government investment funds, marking a trend among various cities to utilize special bonds for this purpose, which could enhance funding sources for local industrial development [1][2][3] Group 1: Special Bonds Allocation - The Guangdong Provincial Finance Department has allocated a total of 376.7 billion yuan in new local government bond quotas to Guangzhou, with 72.5 billion yuan designated for city-level special bonds [2] - The 72.5 billion yuan in special bonds will support major projects in education, housing, and healthcare, with 2 billion yuan specifically directed towards government investment funds [2][3] Group 2: Policy Changes and Implications - Recent policy changes have allowed local governments to use special bonds for investment funds, which was previously restricted, thus expanding the investment scope of these bonds [3][4] - The new guidelines from the State Council enable special bonds to be used for emerging industries, aligning with the investment timelines of government funds, potentially addressing the funding gap for early-stage technology companies [3][4] Group 3: Challenges and Considerations - The effectiveness of using special bonds for government investment funds remains to be seen, as local governments face fiscal pressures and the need for strong financial management capabilities [4][5] - Analysts suggest that the success of this funding model will depend on the local government's financial strength, fund management capabilities, and the potential for high-growth industry investments [4][5]