今年前8个月广东发行新增专项债券3658.5亿元 中新网广州10月11日电 (记者 程景伟)广东省第十四届人民代表大会常务委员会第二十一次会议10日至 11日在广州召开。广东省财政厅厅长陈国煌在会上报告该省2025年地方政府债务管理情况时称，2025年 1月至8月，广东全省共计发行新增专项债券3658.5亿元，发行使用进度明显加快，为推动全省经济持续 回升向好提供有力支撑。 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 2024年广东全省政府债务风险继续保持总体安全可控，在率先完成存量隐性债务全面化解任务的基础 上，常抓不懈坚决遏制新增隐性债务，隐性债务规模继续保持"零增长"。 此外，广东加强专项债券投后运营管理，多措并举筹集还本付息资金，全省政府债券到期本息均已及时 足额偿付，兜牢法定债券不出风险的底线。(完) 来源：中国新闻网 据介绍，2024年以来，广东省全力加强政府债务管理，统筹发展和安全的政策组合 ...

Group 1 - The core viewpoint is that the Chaotian District Finance Bureau of Guangyuan City has successfully issued special bonds amounting to 290 million yuan, which will significantly boost the economic and social development of the district [2] - The focus is on the entire process of special bond project planning, application, and fund allocation, ensuring that projects are matched with funding based on their maturity [6] - The management of special bonds emphasizes quality improvement and efficiency optimization, ensuring accurate and timely data entry into the management system for project progress and fund usage [10] Group 2 - A comprehensive lifecycle management mechanism for special bonds has been established to prevent debt risks, including a tracking system for fund usage progress [12] - An innovative three-level verification mechanism has been implemented to ensure compliance in fund payments, involving self-checks by project units, reviews by industry authorities, and joint audits by finance [12] - Performance evaluation is integrated throughout the project lifecycle to ensure that special bond funds are effectively allocated, utilized, and managed [12]

Fiscal Performance - In August 2025, the national general public budget revenue reached 12,359 billion CNY, a year-on-year increase of 2.0%[3] - The national general public budget expenditure in August was 18,587 billion CNY, showing a year-on-year growth of 0.8%[8] - From January to August 2025, the completion rate of the general public budget revenue was 47.8%, consistent with the same period in 2024[1] - The completion rate of general public budget expenditure was 57.3%, which is higher than the same period in 2024[1] Tax Revenue Insights - Tax revenue in August 2025 was 10,152 billion CNY, with a year-on-year increase of 3.4%[3] - Cumulative tax revenue from January to August 2025 achieved a positive growth of 0.02%, marking the first positive growth since December 2023[4] - Individual income tax grew by 8.9% from January to August 2025, reflecting improved tax collection efforts[4] Non-Tax Revenue Trends - Non-tax revenue in August 2025 was 2,207 billion CNY, declining by 3.8% year-on-year, continuing a negative growth trend since May 2025[3] - The decline in non-tax revenue is attributed to high base effects from 2024 and improved management of non-tax revenue[5] Government Fund Budget Analysis - The government fund budget revenue in August 2025 recorded a year-on-year decrease of 5.7%, primarily due to a drop in land transfer income[10] - Government fund budget expenditure in August 2025 increased by 19.8% year-on-year, indicating strong spending in infrastructure and public projects[10] Policy Recommendations - The report suggests focusing on the implementation of new policy financial tools to support fiscal stability and economic recovery[1] - It highlights the importance of maintaining a balance between fiscal revenue and expenditure to ensure sustainable economic growth[1]

Core Viewpoint - The report emphasizes the need for a more proactive fiscal policy to stimulate economic growth and improve budget execution efficiency [1][2]. Fiscal Policy and Spending - In the first seven months of the year, the broad fiscal expenditure reached approximately 21.5 trillion yuan, reflecting a year-on-year growth of about 9.3%, significantly outpacing the fiscal revenue growth of around 0% [2]. - The acceleration of budget execution is aimed at increasing investments in areas such as livelihood, technology, and major projects to stimulate overall economic demand [2]. Government Debt and Financing - The net financing of government bonds in the first seven months amounted to 8.9 trillion yuan, an increase of 4.88 trillion yuan year-on-year [3]. - The issuance of new special bonds by local governments reached approximately 3.3 trillion yuan in the first eight months, marking a year-on-year increase of 27%, which constitutes about 75% of the planned annual issuance [3]. Consumer and Service Sector Support - The government plans to implement policies to boost consumption, including personal consumption loan interest subsidies and service industry loan interest subsidies, with a subsidy rate of 1 percentage point [3]. - These policies aim to lower the credit costs for residents and service industry operators, thereby stimulating consumption potential [3]. Future Fiscal Focus Areas - The report outlines key fiscal priorities, including supporting employment and foreign trade, fostering new growth drivers, improving livelihood, managing risks in key areas, and enhancing fiscal governance [4].

Group 1 - The core viewpoint of the report indicates that fiscal policy has become more proactive this year, with stable budget execution and overall fiscal operations [1][2]. - From January to July, the national general public budget revenue reached 135,839 billion yuan, showing a year-on-year growth of 0.1%, while the expenditure was 160,737 billion yuan, reflecting a year-on-year increase of 3.4% [1]. - The report highlights various measures taken to implement a more proactive fiscal policy, including personal consumption loan subsidies and expanding the scope of subsidies for vehicle scrapping and appliance replacement [1][2]. Group 2 - The fiscal policy and key work areas this year focus on promoting technological and industrial innovation, deepening fiscal and tax system reforms, and enhancing social welfare [2]. - Future fiscal policies will emphasize accelerating budget execution, improving fund utilization efficiency, and ensuring fund security, while continuing to support consumption and private investment [3]. - The report outlines a commitment to strengthen domestic circulation, maintain policy continuity and stability, and enhance flexibility and foresight in macroeconomic policies [3].

Core Viewpoint - The provincial government has introduced new implementation rules for the management of special bonds, emphasizing dedicated management and usage of funds for public welfare capital expenditures [1] Group 1: Special Bonds Management - Special bonds are issued by the provincial government for public welfare projects with certain revenue generation, requiring repayment of principal and interest within a specified period [1] - Funds from special bonds will be managed in dedicated accounts, ensuring that the entire process from issuance to payment to contractors is strictly accounted for [1] Group 2: Project Approval Process - The provincial development and reform commission, in collaboration with the provincial finance department, will conduct regular project reserve work and has established a "green channel" for project approval [1] - Projects that have previously received approval from the National Development and Reform Commission and the Ministry of Finance, and have not undergone substantial changes since the last bond issuance, can be directly approved for new bond issuance by the provincial government [1]

Core Points - The Ministry of Finance reported that in July 2025, a total of 703.2 billion yuan in new local government bonds were issued, including 86.3 billion yuan in general bonds and 616.9 billion yuan in special bonds [1] - The total issuance of local government bonds in July reached 1,213.5 billion yuan, with 344.9 billion yuan in general bonds and 868.6 billion yuan in special bonds [1] - From January to July 2025, the total issuance of new local government bonds amounted to 3,315.9 billion yuan, with 538.3 billion yuan in general bonds and 2,777.6 billion yuan in special bonds [2] Debt Repayment and Interest Payments - In the first seven months of 2025, local government bonds had a principal repayment of 1,478 billion yuan, with 1,282.5 billion yuan from refinancing bonds and 195.5 billion yuan from fiscal funds [3] - The interest payments for local government bonds in the first seven months totaled 831.4 billion yuan, with 118.3 billion yuan paid in July alone [3] Debt Limits and Balances - The national local government debt limit for 2025 is set at 57,987.43 billion yuan, with general debt limited to 18,068.92 billion yuan and special debt to 39,918.50 billion yuan [3] - As of the end of July 2025, the total local government debt balance was 52,762.7 billion yuan, including 17,248.3 billion yuan in general debt and 35,514.4 billion yuan in special debt [3] - The average remaining maturity of local government bonds is 10.3 years, with an average interest rate of 2.90% [3]

Core Viewpoint - The implementation details for optimizing the management of special bonds in Shanxi Province have been released, aiming to enhance the lifecycle management of borrowing, usage, administration, and repayment of these bonds, effective from April 21, 2025, for a duration of two years [1][28]. Group 1: Definition and Scope - Special bonds are defined as local government bonds issued by the provincial government for the construction of public welfare projects with certain revenue, with a commitment to repay principal and interest within a specified period [2][9]. - The provincial government is the issuing body for special bonds, with city and county governments required to utilize these bonds through unified issuance and tiered lending from the provincial government [3][10]. Group 2: Debt Management and Project Allocation - The scale of debt incurred through the issuance of special bonds is subject to limit management, prohibiting any exceedance of the approved limits [4][11]. - Special bonds must be allocated to tangible government investment projects, adhering to a "negative list" management approach regarding investment areas [5][11]. - Projects and funds related to special bonds are managed at different levels, with clear responsibilities assigned to users and regulators [6][11]. Group 3: Project Preparation and Approval - Project departments must guide project units in planning and reserving special bond projects based on local planning and construction needs [12]. - Special bond reserve projects must meet specific criteria, including compliance with management requirements and completion of project approval through the online platform [13]. - The provincial development and reform commission, along with the provincial finance department, will organize ongoing project reserve work and project application processes [14][16]. Group 4: Fund Allocation and Budget Management - Fund allocation management will favor regions with well-prepared projects and high investment efficiency, ensuring alignment between special bond scale and local financial capacity [16][17]. - All special bond income, expenditure, and repayment must be included in the government fund budget management [18]. Group 5: Issuance and Usage Management - The provincial finance department will develop a comprehensive issuance plan for special bonds, considering market principles and project maturity [19][20]. - Special bond funds are strictly designated for corresponding public capital expenditures, with prohibitions against misuse for regular expenses [20][21]. Group 6: Repayment and Performance Management - Various departments are responsible for ensuring timely repayment of special bonds, with encouragement for establishing reserve funds for repayment [29][30]. - Performance management will be implemented throughout the lifecycle of special bond projects, with evaluations influencing future bond allocations [41].

Group 1 - The core viewpoint of the articles highlights the significant increase in the use of special bonds for acquiring idle land across China, with over 4,300 proposed projects and a total area exceeding 220 million square meters, amounting to over 550 billion yuan [1] - Guangdong province leads the nation in issuing special bonds for land acquisition, having issued 37.7 billion yuan, followed by Hunan province with 30.7 billion yuan from five issuances [3] - The majority of the proposed land for acquisition is residential, accounting for approximately 66% of the total, with commercial and industrial land making up 24% and 6% respectively [4] Group 2 - The ownership structure of the proposed land indicates that about 84% belongs to local state-owned enterprises, emphasizing their dominance in the land acquisition process [4] - First and second-tier cities have a significant role in this initiative, with a total of 989 proposed land parcels and a combined acquisition amount exceeding 205 billion yuan, representing 37% of the total [4] - The trend shows that the proportion of residential land has remained high since May, consistently above 70% in July and August, indicating a strong focus on residential development [4]

Core Viewpoint - The article discusses the increasing trend of local governments allocating special bond funds to government investment funds, highlighting a shift in policy that allows for greater flexibility in funding sources for these funds [4][5]. Group 1: Special Bond Allocation - Guangzhou's fiscal bureau announced a budget adjustment plan that includes 20 billion yuan of special bond funds directed towards government investment funds [3]. - Jiangsu province plans to allocate 90 billion yuan of special bond funds for venture capital government investment funds [3]. - Beijing has issued 100 billion yuan in special bonds for its government investment guidance fund, aimed at supporting venture capital projects [3]. Group 2: Policy Changes - Recent policy changes have allowed local governments to use special bonds for government investment funds, which were previously restricted [4]. - The State Council's new guidelines have expanded the scope of special bond usage, moving to a "negative list" management approach [4]. Group 3: Rationale for Funding Shift - The need for local governments to diversify funding sources arises from slowing economic growth and declining fiscal revenues [6]. - Special bond funds offer advantages such as lower financing costs and a focus on achieving policy objectives [6]. Group 4: Fund Management and Efficiency - The fund model, managed by professional institutions, can enhance capital turnover efficiency and create a positive cycle of investment and returns [7]. - Government investment funds are seen as crucial for promoting industrial upgrades and technological innovation [7]. Group 5: Risks and Challenges - The article notes potential risks associated with government investment funds, including limitations on investment returns and regional economic conditions affecting debt repayment [8]. - Recommendations for improving fund performance include enhancing market operations, strengthening management, and exploring diverse exit strategies [8].