新华财经北京9月30日电随着大连、湖南和陕西三地的最后一批地方债招投标在周二（30日）结束， 2025年3季度的政府债券发行工作告一段落。截至9月最后一个交易日，政府债券（国债和地方债）前9 个月共发行1971只，其中，国债发行155只，地方债发行1816只；1-9月份，政府债券总发行规模为 20.48万亿元，国债和地方债分别发行11.95万亿元和8.53万亿元，同比分别增长22.10%和27.60%（下 表）。 | | | 2025年前3季度 | 2024年前3季度 | | | --- | --- | --- | --- | --- | | 类别 | 发行只数 | 发行额(亿元) | 发行只数 发行额(亿元) | | | 国债 | 155 | 119,529.80 | 149 | 97.892.70 | | 地方政府债 | 1.816 | 85. 331. 94 | 1.583 | 66. 875. 77 | | 合计 | 1.971 | 204, 861. 74 | 1,732 | 164.768.47 | 统计数据显示，截至3季度，存量政府债券有13,398只，其中，国债有294只，地方债13,104只 ...

今年以来，我省共发行政府债券270.22亿元用于补充政府性基金财力，显著增强政府预算统筹能力和财 政可持续性；发行政府债券1147.78亿元用于置换存量隐性债务，在优化债务期限结构、降低存量债务 融资成本、缓释短期偿债压力、平滑财政支出节奏等方面发挥了积极作用。（记者 曾鸣） 责任编辑： 何山 其中，7年期再融资专项债券98.7985亿元，发行利率1.94%，用于偿还到期债券的部分本金；20年期新 增专项债券134.0174亿元，发行利率2.37%，用于存量政府投资项目；30年期新增专项债券53.3193亿 元，发行利率2.37%，用于补充政府性基金财力；30年期再融资专项债券97.0166亿元，发行利率 2.37%，用于置换存量隐性债务。 9月22日，记者从省财政厅获悉，近日，我省在深圳成功发行政府债券383.1518亿元。 ...

9月24日下午，我省第九批政府债券在中央结算公司北京总部成功发行。本次发行规模94.28亿元，均为 新增专项债券。 本批新增专项债券重点投向棚户区改造、产业园区基础设施、农林水利和社会事业等领域159个在建项 目。本批债券期限涵盖5年、7年、10年、15年、20年、30年，加权平均利率2.36%，全场招投标倍数为 23.09。 | | | 2-1-11-7 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发行日期 | 债券代码 | 债券简称 | 债券类型 | 发行规模 (亿元) | 发行期限 (年) | 票面利率 (%) | | | 2571089 | 25江西债53 | 专项债券 | 1. 367 | 5 | 1.80 | | | 2571090 | 25江西债54 | 专项债券 | 1. 4227 | 7 | 1.97 | | | 2571091 | 25江西债55 | 专项债券 | 10. 11 | 5 | 1.80 | | 9月24日 | 2571092 | 25江西债56 | 专项债券 | 1. 9066 | 10 | 2. 10 | ...

9月24日下午，我省第九批政府债券在中央结算公司北京总部成功发行。本次发行规模94.28亿元，均为新增专项债券。 本批新增专项债券重点投向棚户区改造、产业园区基础设施、农林水利和社会事业等领域159个在建项目。本批债券期限涵 盖5年、7年、10年、15年、20年、30年，加权平均利率2.36%，全场招投标倍数为23.09。 | 发行日期 | 债券代码 | 债券简称 | 债券类型 | 发行规模 | 发行期限 | 票面利率 | | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | (年) | (%) | | | 2571089 | 25江西债53 | 专项债券 | 1. 367 | 5 | 1.80 | | | 2571090 | 25江西债54 | 专项债券 | 1. 4227 | 7 | 1.97 | | | 2571091 | 25江西债55 | 专项债券 | 10. 11 | 5 | 1. 80 | | 9月24日 | 2571092 | 25江西债56 | 专项债券 | 1. 9066 | 10 | 2. 10 | | | 257109 ...

Group 1 - The People's Bank of China reported that as of the end of August, the broad money supply (M2) was 331.98 trillion yuan, with a year-on-year growth of 8.8% [1] - The total social financing stock was 433.66 trillion yuan at the end of August, also reflecting a year-on-year increase of 8.8% [1] - In the first eight months, new RMB loans increased by 1.346 trillion yuan, and the cumulative increase in social financing was 2.656 trillion yuan, which is 466 billion yuan more than the same period last year [1] Group 2 - The net financing scale of government bonds reached 1.027 trillion yuan in the first eight months, an increase of 463 billion yuan year-on-year [2] - Special refinancing bonds have been issued rapidly this year, with 1.9 trillion yuan issued by the end of August to replace hidden debts [2] - The issuance of special bonds for replacing local government hidden debts is expected to support long-term credit growth despite short-term downward effects [2] Group 3 - Credit growth in August was supported by factors such as industry recovery, resilient exports, summer consumption peak, and real estate support policies [3] - Manufacturing loans have significantly increased, with new manufacturing loans accounting for 53% of new corporate loans, a 33 percentage point increase compared to the previous year [3] - Personal loan growth was boosted by traditional summer consumption demand and policies promoting consumption [3] Group 4 - Major cities like Beijing, Shanghai, and Shenzhen have introduced real estate policies to better meet housing demand, leading to a significant increase in housing transaction volumes [4] - The introduction of new policies in Shanghai resulted in a notable increase in real estate transactions within a week [4] Group 5 - As of the end of August, the balance of various RMB loans was 269.10 trillion yuan, with a year-on-year growth of 6.8% [5] - The balance of inclusive small and micro loans was 35.20 trillion yuan, growing by 11.8% year-on-year, while medium and long-term loans for manufacturing reached 14.87 trillion yuan, up by 8.6% [6] - Future monetary policy should focus on optimizing the structure of credit to support sustainable economic growth [6]

Core Points - The Henan Province successfully issued government bonds totaling 29.33818 billion yuan on August 21, 2023 [1] - The issuance includes 7.37517 billion yuan in new special bonds aimed at various key projects [1] - The refinancing bonds issued are intended to repay maturing debts and replace hidden debts [1][2] Summary by Category Government Bonds Issued - Total government bonds issued: 29.33818 billion yuan [1] - New special bonds: 7.37517 billion yuan [1] - Refinancing general bonds: 4.3628 billion yuan [1] - Refinancing special bonds: 2.59302 billion yuan [1] - Refinancing special bonds for replacing hidden debts: 150.0719 billion yuan [1] Allocation of Special Bonds - Funds allocated for government fund financial support: 3.74547 billion yuan [1] - Urban and rural development: 2.6964 billion yuan [1] - Social undertakings: 0.404 billion yuan [1] - Shantytown renovation: 0.5293 billion yuan [1] - Key areas for investment include municipal and industrial park infrastructure, ecological protection, affordable housing projects, and new infrastructure [1] Bond Issuance Terms - 5-year bond: 1.12 billion yuan at 1.85% interest [1] - 7-year bond: 69.5582 billion yuan at 1.90% interest [1] - 10-year bond: 4.173 billion yuan at 1.96% interest [1] - 15-year bond: 6.095 billion yuan at 2.25% interest [1] - 20-year bond: 150.0719 billion yuan at 2.34% interest [1] - 30-year bond: 62.3637 billion yuan at 2.34% interest [1] Impact of Refinancing Bonds - A total of 1,050.76 billion yuan in refinancing special bonds has been issued this year to replace hidden debts [2] - The refinancing efforts aim to optimize debt maturity structure, reduce financing costs, alleviate short-term repayment pressure, and smooth fiscal expenditure [2]

Group 1 - The Ministry of Finance announced an increase in funding for special education schools, raising the per-student subsidy from 6,000 yuan to 7,000 yuan, benefiting approximately 910,000 disabled students [1] - Recent policies indicate a shift in fiscal spending towards improving people's livelihoods, with more resources being allocated to education and employment support [1] - The Ministry of Finance aims to enhance the "people's livelihood" aspect of fiscal arrangements, ensuring a safety net for citizens and improving their sense of well-being [1] Group 2 - In the first half of the year, national public budget expenditure reached 14.13 trillion yuan, a year-on-year increase of 3.4% [2] - Looking ahead to the second half of 2025, a more proactive fiscal policy is expected to maintain spending strength, positively impacting consumption and investment [2] - The issuance of new special bonds is anticipated to accelerate in the third quarter, aligning with the government's directive to expedite bond issuance [2]

Core Insights - The People's Bank of China reported that as of the end of July, the total social financing stock was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] - The balance of RMB loans issued to the real economy reached 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - In the first seven months of this year, the cumulative increment of social financing was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] Financing and Economic Impact - The increase in social financing in July was primarily supported by government bond financing, with a significant rise in the issuance of special bonds [1] - The issuance of government bonds in the first half of the year totaled 13.3 trillion yuan, with national bonds accounting for 7.89 trillion yuan, marking a 36% year-on-year increase [1] - The issuance of local special bonds aimed at replacing hidden debt reached approximately 1.8 trillion yuan [1] Future Outlook - Experts suggest that while government bond issuance may have a short-term substitutive effect on loans, sustained fiscal policy efforts will enhance total demand and stimulate incremental credit demand [2] - The expectation is that social financing will remain at a high level in August, continuing the trend observed in previous months [1]

Group 1 - The Central Political Bureau of the Communist Party emphasized the need to effectively implement macro policies, including the early issuance and utilization of ultra-long-term special government bonds and accelerating the issuance of special bonds [1] - It is expected that various funding sources, including central budget investments, local government special bonds, and the issuance of ultra-long-term special bonds, will be arranged and accelerated to focus on key areas [1] - As of May 6, the newly issued special bonds this year reached 722.448 billion yuan, primarily directed towards municipal and industrial park infrastructure and transportation infrastructure [1] Group 2 - The issuance scale in the first quarter was lower than in previous years due to various factors, including the need for project funding and market conditions, but the overall annual issuance is still expected to meet forecasts [2] - The second quarter is anticipated to see the launch of ultra-long-term special bonds and a significant increase in local government special bond issuance, providing ample funding for infrastructure investment [2] - In the first quarter, fixed asset investment grew by 4.5% year-on-year, with infrastructure investment increasing by 6.5%, supported by the acceleration of national bond project construction [3] Group 3 - The issuance of 1 trillion yuan in national bonds last year played a crucial role in supporting infrastructure investment, with funds required to be utilized by the end of June [3] - The issuance of special bonds is expected to accelerate in the second and third quarters, focusing on key investment areas to quickly generate tangible work output [3]

Core Viewpoint - The Chinese government is accelerating the approval of new policy financial instruments and plans to expedite the issuance of government bonds, including ultra-long special treasury bonds and new special bonds, to stimulate economic growth in the second half of the year [1] Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) and other departments are focusing on practical measures to boost domestic demand and promote the integration of "two innovations" [1] - The introduction of new policy financial tools is aimed at capturing policy dividends, with several regions already holding related meetings [1] Group 2: Economic Outlook - Analysts suggest that infrastructure investment is expected to rebound in the second half of the year, supported by multiple factors, and will continue to play a stabilizing role in the economy [1] - Key themes for the second half include effectively releasing domestic demand potential, promoting the integration of innovations, and advancing capacity governance in key industries [1]