Core Viewpoint - The article discusses the issuance of local government bonds in China, highlighting a significant increase in the scale and structure of bond issuance for 2026, driven by proactive fiscal policies aimed at supporting economic growth and project funding [1][2]. Group 1: Bond Issuance Overview - As of January 27, 2026, a total of 584.7 billion yuan in local bonds has been issued, with new special bonds accounting for 196.2 billion yuan, representing 33.6% of the total [1]. - The planned issuance of local bonds for the first quarter exceeds 2.5 trillion yuan, marking the highest level for the same period in three years [1]. Group 2: Bond Structure - The first quarter's planned issuance includes 764.4 billion yuan in new special bonds and 1.21 trillion yuan in refinancing special bonds, making up 29.5% and 46.7% of the total issuance plan, respectively [2]. - New special bonds will focus on high-quality projects that can quickly generate tangible results, while refinancing bonds will primarily be used to repay maturing debts and optimize debt structures [2]. Group 3: Issuance Mechanism - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [3]. - This mechanism requires local governments to take on greater responsibility for project quality and risk management, leading to differentiated bond issuance rates based on regional fiscal health and project viability [3]. Group 4: Fund Utilization - New special bonds will emphasize project orientation and strategic layout, targeting major projects outlined in the national "14th Five-Year Plan" [4]. - The funding will support critical infrastructure related to food security, energy security, and emerging industries such as quantum technology and artificial intelligence [4]. - There will be an optimization of the mechanism for using special bonds as project capital, increasing the capital usage ratio to attract more social capital into major projects [5].

管理体系上，地方专项债券的使用监管与绩效约束将进一步深化。资金投向实行负面清单管理模式，将 无收益纯公益项目、楼堂馆所、违规房地产开发等五大类项目纳入负面清单，其余具备稳定现金流的项 目均可申报，赋予地方更大的自主统筹空间。同时，加强项目资金的全生命周期管理，通过穿透式跟踪 与动态绩效评估，确保资金使用精准高效、风险可控。未来，绩效评价结果还需要与地方债务额度分配 挂钩，形成用得好、还得上、多分配的激励机制，从制度层面倒逼地方政府提升项目质量，推动财政资 源的高效配置和可持续运行。 发行节奏上，体现出靠前发力、提前布局特征。财政部之前表示，将尽早提前下达2026年新增地方政府 债务限额，以支持各地做好与年度预算编制的衔接，满足重点项目在一季度的建设资金需求。这将有助 于各地提前做好"十五五"开局阶段的项目储备与前期准备，确保重点项目及时开工、资金高效到位，尽 快形成实物工作量。这也体现了积极财政政策稳定市场预期、加强政府投资的明确导向，从而为一季度 实现经济"开门红"乃至全年平稳增长奠定基础。 债券结构上，一季度计划发行的新增专项债券与再融资专项债券分别为7644亿元、12106亿元，这两类 债券占总体发行计 ...

截至1月27日，年初以来全国已发行地方债券5847亿元；其中新增专项债券1962亿元，占比33.6%。与 此同时，多地已公布的一季度地方债券发行计划规模累计超过2.5万亿元，创近三年来同期最高水平。 2026年继续实施更加积极的财政政策，财政支出将继续扩大，地方债券发行规模预计也将扩大。基于财 政政策趋势以及一季度地方债券发行计划，2026年地方债券发行和使用将呈现出多个特征。 发行节奏上，体现出靠前发力、提前布局特征。财政部之前表示，将尽早提前下达2026年新增地方政府 债务限额，以支持各地做好与年度预算编制的衔接，满足重点项目在一季度的建设资金需求。这将有助 于各地提前做好"十五五"开局阶段的项目储备与前期准备，确保重点项目及时开工、资金高效到位，尽 快形成实物工作量。这也体现了积极财政政策稳定市场预期、加强政府投资的明确导向，从而为一季度 实现经济"开门红"乃至全年平稳增长奠定基础。 债券结构上，一季度计划发行的新增专项债券与再融资专项债券分别为7644亿元、12106亿元，这两类 债券占总体发行计划比例分别达到29.5%、46.7%，合计超过75%。其中，新增专项债更加注重项目质 量，资金将重点投向前 ...