（文章来源：新华财经） 新华财经北京10月11日电沙迦酋长国政府（由沙迦财政部代表）11日消息称，拟发行2025年度第一期人 民币债券（债券通），发行金额20亿元，期限3年，募资将汇出境外并兑换成阿联酋迪拉姆或美元以纳 入发行人的资金，为预算支出、基础设施项目及其他沙迦政府预算所列其他费用提供资金。本期债券申 购利率区间确定为2.5%-3.2%。 据悉，2018年2月1日，阿联酋沙迦酋长国在银行间债券市场成功发行20亿元人民币债券，期限3年，票 面年利率5.8%。 ...

为了稳投资、防风险，地方政府依法举债规模继续创新高，但发行接近尾声，举债增速逐步回落。 根据财政部及机构数据，今年前三季度全国发行地方政府债券合计约8.54万亿元，同比增长约27%。 目前地方政府合法借钱渠道基本来自发行地方政府债券，为了稳经济，今年更加积极的财政政策靠前发 力，地方政府发债进度明显快于去年。这也体现在今年前三季度地方发债借钱规模创新高，且保持两位 数增速。 今年以来地方借钱规模并不小。 财政部数据显示，今年前8个月地方政府广义财政收入（即地方一般公共预算本级收入和地方政府性基 金预算本级收入之和）约10.75万亿元，而前8个月地方借钱规模约7.7万亿元，占广义财政收入比重约 72%。上述广义财政收入并未包含中央对地方转移支付及举债收入等。 那么，地方举借的8.5万亿元究竟花在哪里了？综合官方以及机构数据分析显示，答案是约六成资金用 于偿还旧债，近四成资金则用于投向重大项目建设。 根据财政部及机构数据，今年前三季度地方政府发行的8.54万亿元政府债券中，地方政府再融资债券发 行约4.19万亿元，同比增长约69%。新增地方政府债券发行约4.35万亿元，同比增长约3%。 所谓地方政府再融资债券，简 ...

Group 1 - The provincial finance department successfully issued the eighth batch of government bonds amounting to 20.451 billion yuan on September 18, with an average issuance interest rate of 2.3% and an average bid multiple of 24.83 times [1] - The total government bonds issued this year has reached 152.527 billion yuan, with 86.19 billion yuan being newly issued bonds, completing 96% of the quota assigned by the Ministry of Finance for new bond issuance [1] - All bonds in this batch are new special bonds, with 12.276 billion yuan allocated to supplement government fund resources and existing government investment projects, enhancing fiscal coordination capabilities [2] Group 2 - A total of 81.75 billion yuan is designated for the construction of 260 public welfare projects, aiming to achieve the goals set in the 14th Five-Year Plan [2] - The finance department plans to improve the quality and efficiency of local bond issuance while reinforcing budget constraints and ensuring compliance in fund usage [3] - The goal is to ensure that local government bonds are issued effectively, utilized properly, and yield quick results, providing solid financial support for stable economic development [3]

央视网消息9月12日，海南省2025年离岸人民币地方政府债券在香港完成簿记定价并发行，发行规模50亿元人民 币。其中，3年期可持续发展债券25亿元，定价利率1.73%；5年期蓝色债券15亿元，定价利率1.83%；10年期航天 主题债券10亿元，定价利率2.1%。债券将在香港联合交易所挂牌上市。 本次债券发行遵循国际市场规则，获得了投资者的普遍关注，吸引了欧洲、亚洲等地区的多元投资机构参与，类 型包括商业银行、投资银行、券商、基金和资产管理公司等；峰值订单规模近230亿元，体现了国际资本市场对海 南自贸港信用实力以及发展前景的认可和信心。 这是海南省第四次在香港发行离岸人民币地方政府债券，募集资金主要投向海洋保护、民生保障以及航天领域相 关重点科研和基础设施项目，将继续使用海南自贸港多功能自由贸易账户（EF账户）进行债券资金交收。 近年来，海南不断加快航天产业布局，多个相关项目推进落地，"向天图强"成绩单愈发厚实。据悉，今年发行的 10年期债券为中国地方政府首单航天主题债券，将有利于推动商业航天事业发展，同时也为国际投资者提供了优 质的投资选择。（总台记者 杨涛 徐舒扬） 来源：央视网 ...

Core Viewpoint - Local governments are accelerating borrowing to invest in major projects and repay old debts to boost the economy and mitigate risks [1] Group 1: Borrowing Scale and Purpose - In the first eight months of this year, local governments issued approximately 7.7 trillion yuan in bonds, a year-on-year increase of 42%, marking a historical high for the same period [1] - The borrowing scale is significant, with local government fiscal revenue for the first seven months at about 9.8 trillion yuan, while borrowing reached approximately 6.7 trillion yuan, accounting for nearly 70% of the revenue [1] - The primary expenditure of the borrowed funds is for debt repayment, with about 4.77 trillion yuan used for this purpose, representing around 62% of the total borrowing [5] Group 2: Refinancing Bonds - The two main uses of refinancing bonds are to repay maturing government bond principal and to replace hidden debts, effectively extending repayment periods and reducing interest burdens [2] - Nearly 2 trillion yuan of the refinancing bonds issued this year has been allocated to replace hidden debts, which is a key strategy for the central government to mitigate local government debt risks [2] Group 3: Special New Bonds - Of the 3.8 trillion yuan in new bonds issued, approximately 3.3 trillion yuan are special bonds, with a year-on-year increase of 27%, accounting for about 75% of the planned issuance for the year [4] - Special new bonds are also being used to replace hidden debts and repay overdue corporate payments, with the issuance scale exceeding previous market expectations [4][5] - The expected amount for new bonds aimed at resolving overdue corporate payments is around 200 billion yuan [5] Group 4: Investment Allocation - In the first eight months, about 2.3 trillion yuan of new special bond funds were allocated to major project construction, with 28% directed towards municipal and industrial park infrastructure, 18% towards transportation infrastructure, and 14% towards land reserves [5][6] - The negative list management approach for special bonds this year has expanded the investment scope, allowing funds to be directed towards land reserves, which totaled approximately 324 billion yuan [6] Group 5: Debt Risk Management - As of July 2025, the total local government debt was approximately 52.76 trillion yuan, remaining within the limit of about 57.99 trillion yuan, indicating that overall debt risk is manageable [6]

Core Viewpoint - Shenzhen plans to issue up to 5 billion RMB in offshore local government bonds to enhance its role as a pilot zone for comprehensive reform and to promote financial market connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Bond Issuance Details - The issuance will take place in Macau and Hong Kong, with a total amount not exceeding 5 billion RMB [1] - The bonds will have maturities of 2, 3, 5, and 10 years [1] Group 2: Fund Allocation - The funds raised from the climate change-themed green bonds in Macau will primarily be directed towards clean transportation projects [1] - The sustainable development bonds in Hong Kong will focus on clean transportation, water management, and social responsibility projects, including healthcare, education, affordable housing, and urban village renovation [1] - The initiative aims to promote green, circular, and low-carbon development while enhancing the well-being of the population through high-quality development [1]

Core Viewpoint - Shenzhen plans to issue a total of no more than 5 billion RMB offshore local government bonds in Macau and Hong Kong, with a focus on sustainable development and climate change initiatives [1] Group 1: Bond Issuance Details - The issuance will be listed in Macau and Hong Kong, with maturities set for 2, 3, 5, and 10 years [1] - The total amount of bonds to be issued is capped at 5 billion RMB [1] Group 2: Fund Allocation - Funds from the green bonds issued in Macau will primarily target projects related to clean transportation [1] - In Hong Kong, the sustainable development bonds will focus on clean transportation and water governance projects [1] - Social responsibility bonds will allocate funds to healthcare, education, affordable housing, and urban village renovation projects [1] Group 3: Strategic Goals - The issuance aims to promote green, circular, and low-carbon development [1] - The initiative aligns with the sustainable development strategy to enhance the well-being of the population through high-quality development [1]

Group 1 - Shenzhen plans to issue a total of no more than 5 billion RMB offshore local government bonds in Macau and Hong Kong [1] - The issuance will include bonds with maturities of 2, 3, 5, and 10 years [1] - The funds raised from the climate change-themed green bonds in Macau will primarily be directed towards clean transportation projects [1] Group 2 - The local government bonds to be issued in Hong Kong will focus on sustainable development in the Greater Bay Area, with funds allocated to clean transportation and water management projects [1] - Social responsibility bonds will target funding for healthcare, education, affordable housing, and urban village renovation projects [1] - The initiative aims to promote green, circular, and low-carbon development while enhancing the well-being of the population in the context of high-quality development [1]

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 core viewpoint of the article highlights the successful issuance of government bonds by Shanxi Province, totaling 13.011 billion yuan, marking the sixth batch of bonds issued this year [1] - The average bidding multiple for this bond issuance was 26.32 times, with an average interest rate of 1.93% [1] - Shanxi Province has cumulatively issued government bonds amounting to 121.182 billion yuan this year [1] Group 2 - The recent bond issuance included various maturities: 7, 10, 15, 20, and 30 years [1] - Shanxi Province has initiated a pilot program for local bond yield curve bidding, representing a significant step towards market-oriented reform in the local bond market [1] - The pilot program involved two 7-year bonds totaling 7.992 billion yuan, which accounted for 60% of the total issuance in this batch [1] Group 3 - The bid rates for the two pilot bonds were both set at 1.84%, indicating an improvement in the market-oriented pricing feedback mechanism [1]