Core Viewpoint - The issuance of special new bonds aimed at repaying local government debts to enterprises has exceeded 1.2 trillion yuan this year, surpassing market expectations, indicating a significant acceleration in the "debt repayment" efforts through fiscal and financial tools since the third quarter [1][2]. Group 1: Special New Bonds - As of September 21, local governments have issued over 1.2 trillion yuan in special new bonds, including 800 billion yuan for supplementing local government financial resources and bonds specifically for repaying debts owed to enterprises [2]. - Various provinces, such as Fujian, Shaanxi, and Hunan, have initiated plans to issue special bonds to address outstanding payments to enterprises, with some provinces publicly announcing bond issuance amounts exceeding 100 billion yuan [2]. Group 2: Advantages of Bond Issuance - Issuing "debt repayment" special bonds allows local governments to convert hidden debts into explicit government liabilities, thus standardizing debt management and alleviating short-term repayment pressures [3]. - The low interest rates and longer maturities of special bonds significantly ease the financial pressure on local governments, ensuring timely cash flow for enterprises [3]. Group 3: Financial Support from Banks - National banks are providing special loans to support local debt repayment efforts, with various regions announcing targeted credit support for clearing debts owed to enterprises [4]. - The focus of these loans is primarily on government agencies, state-owned enterprises, and local government financing platforms, which can utilize special bonds and loans to expedite debt repayment [4]. Group 4: Loan Management and Usage - Special loans are typically small, often in the millions, and are evaluated based on the repayment capacity of the borrowing entities [5]. - Banks are implementing a "trust payment" method to ensure that loan funds are used specifically for repaying debts, thereby preventing misuse of funds [6]. Group 5: Acceleration of Debt Repayment Efforts - Local governments are intensifying their debt repayment efforts, with multiple provinces holding meetings to expedite the clearance of outstanding debts [7]. - The issuance of special new bonds has accelerated, with over 230 billion yuan issued in September alone, indicating a growing recognition of the need for urgent financial relief for enterprises [7]. Group 6: Future Outlook - The Ministry of Finance has indicated plans to prioritize the use of debt repayment quotas next year, which may lead to a similar bond issuance structure as this year [8].