《规定》进一步完善专项债相关业务会计处理，优化专项债券管理机制，强化 专项债券全流程管理。《规定》明确项目单位是否承担专项债偿还义务统一为以项 目实施方案或融资平衡方案等约定为标准，若未满足，后续将存续专项债券计入资 本公积和确认补助等或将不可持续。同时，项目单位按要求编制"专项债券项目投 资表"和"专项债券资金还款情况表"，有利于加强对专项债券资金使用的管理，实 时监测还本付息情况，防范地方政府债务风险。 www.lhratings.com 研究报告 1 统一标准立新规，权责划分更清晰 ——对《地方政府专项债券相关业 务会计处理暂行规定》的点评 联合资信 公用评级四部 财政部近日印发《地方政府专项债券相关业务会计处理暂行规定》（财会〔2025〕 17 号）（以下简称"《规定》"），明确"行政事业单位类和企业类公司对于专项债券资 金的账务处理方式"，进一步完善专项债券相关业务会计处理，优化专项债券管理机 制，强化专项债券全流程管理。本文主要介绍《规定》对企业类专项债券项目的规范 申报和会计处理的要求，以分析对城投企业财务报表和偿债能力等的影响。 《规定》具体要求 企业类项目单位取得专项债券资金，根据项目实施方 ...

地方政府专项债券（以下简称"专项债券"）可以起到强基础、补短板、惠民生、扩投资等积极作用，是 财政政策的核心工具之一。今年以来，新增专项债券发行节奏呈现出明显的加速趋势。Wind数据显 示，截至9月28日，今年以来各地发行新增专项债券规模约为36613亿元，突破3.6万亿元关口。今年我 国安排专项债券4.4万亿元，由此计算，当前新增专项债券发行进度已达到83.2%。 在今年9月份发布的《国务院关于今年以来预算执行情况的报告》中，明确重点做好的工作包括"积极发 挥专项债券、超长期特别国债等作用，加强财政与金融协同配合，将更多公共服务纳入投资支持范围， 积极鼓励民间投资发展""用好相关政策工具，协助做好融资平台改革转型、中小金融机构改革化险、专 项债券支持土地储备和收购存量商品房用作保障性住房等工作"。 陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷告诉《证券日报》记者，当前新增专项债券发行进 度整体较快，且呈现出逐季度加快的趋势，这是更加积极的财政政策主动靠前发力的体现，对稳定经济 运行、推动项目加快建设等具有重要意义。 在下一步财政重点工作安排中，专项债券也被多次提及。 那么，持续发挥专项债券对投资等领域的带 ...

Core Viewpoint - The issuance scale of local government bonds in China has shown a significant upward trend since 2015, impacting macroeconomic operations and government debt risk management [1][2][3]. Group 1: Characteristics of Local Government Bond Issuance - The overall issuance scale of local government bonds has increased from 3.84 trillion yuan in 2015 to 9.78 trillion yuan in 2024, with a compound annual growth rate of 9.8%, surpassing the GDP growth rate of 6.9% during the same period [3][5]. - The balance of local government bonds has risen from 4.83 trillion yuan at the end of 2015 to 47.34 trillion yuan by the end of 2024, reflecting an 8.8-fold increase [5]. - The proportion of special bonds has increased significantly, from 25.4% in 2015 to 78.9% in 2024, indicating their growing importance in local government financing [6][7]. Group 2: Factors Driving Local Government Bond Issuance - The need to achieve economic development goals and implement macroeconomic adjustments has been a primary driver for the increase in local government bond issuance [17]. - The demand for debt replacement has led to several large-scale debt swaps, increasing the issuance of local government bonds while managing hidden debt risks [18]. - High levels of refinancing (borrowing new debt to repay old debt) have contributed to the continuous expansion of local government bond issuance [20]. Group 3: Relationship Between Bond Issuance and Debt Risk - There is a positive correlation between the scale of local government bond issuance and debt risk, where increased issuance can lead to higher debt levels and associated risks [21]. - The issuance of new bonds, replacement bonds, and refinancing bonds has different impacts on local debt risk, with new bonds generally expanding debt levels while replacement bonds can help mitigate hidden debt risks [22]. - The management of local government bond issuance should be flexible and responsive to economic conditions to balance debt risk and economic growth [22]. Group 4: Efficiency and Policy Implementation - The expansion of local government bond issuance can lead to decreased efficiency in the use of debt funds, as funds are often allocated to long-term public projects with lower immediate returns [23]. - Issues such as fund idleness and misallocation highlight the need for improved management mechanisms for local government bonds to enhance fund utilization efficiency [24]. - The effectiveness of local government bonds as a macroeconomic tool depends on appropriate issuance scales and coordination with other policy measures [25][26]. Group 5: Future Outlook - The issuance scale of local government bonds is expected to continue rising due to the need for economic development and debt management, with a focus on maintaining high issuance limits [28]. - The implementation of a "negative list" management system is anticipated to improve the efficiency of fund usage for special bonds, ensuring funds are directed towards productive projects [29]. - Continued support from accommodative monetary policy is expected to facilitate local government bond issuance, especially in light of significant refinancing pressures [30].

Core Viewpoint - The management of government debt and the assets formed from this debt is crucial, as China's government debt has exceeded 90 trillion yuan, necessitating improved asset management practices [1]. Group 1: Current Issues in Asset Management - There is a significant issue of "heavy construction, light management" in local governments, where the focus is on obtaining debt issuance quotas and initiating projects, while post-construction management is neglected, leading to asset idleness and waste [2][3]. - Audit reports from various provinces indicate incomplete asset registration and accounting, resulting in unclear asset bases and discrepancies between records and reality [3]. - The lack of effective connection between government debt and the assets formed from it is attributed to the absence of a debt and capital budgeting system, causing valuable assets to remain underutilized [3]. Group 2: Government Initiatives and Recommendations - The Ministry of Finance has introduced regulations to enhance the accounting treatment of special bonds, aiming to improve the management of repayment funds and project assets [4]. - Recommendations include conducting a comprehensive inventory of assets formed from government debt, establishing a unified asset ledger, and ensuring that each debt corresponds to specific assets and their management responsibilities [5]. - There is a call for improved lifecycle management of government investment projects, linking asset operation revenues to debt repayment, and promoting the use of existing assets to generate new funding [6]. Group 3: Current Debt and Asset Statistics - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, which is considered reasonable compared to the G20 average [6]. - By the end of 2023, the total value of administrative and public service state-owned assets was 64.2 trillion yuan, with liabilities of 12.8 trillion yuan, resulting in a net asset value of 51.4 trillion yuan [7].

Core Viewpoint - Major engineering projects play a strategic, leading, and supporting role in promoting the construction of a beautiful China and comprehensively improving ecological environment quality [1] Policy Support - A series of policies have been introduced to support major engineering projects in the ecological environment sector, including the issuance of ultra-long-term special bonds and local government special bonds to fund "two heavy" projects and "two new" policies [1][2] - The 2024 Central Economic Work Conference proposed increasing the issuance of ultra-long-term special bonds and local government special bonds to expand funding channels [1] Financing Tools - Various financing tools such as ultra-long-term special bonds, local government special bonds, central and provincial budget funds, and green finance should be systematically researched and utilized to support ecological projects [2][3] - Emphasis on constructing a project reserve library that aligns national strategies with provincial needs, focusing on major projects that address current ecological issues [3] Project Selection and Packaging - Local government special bonds should prioritize projects with balanced income and expenditure, focusing on urban sewage resource utilization and solid waste disposal [4] - Projects should be selected based on ecological benefits and the ability to cover bond principal and interest, with a focus on addressing urgent public concerns [4] Central and Provincial Budget Funds - Central and provincial budget funds should target public welfare areas, such as rural black and odorous water treatment and historical mine restoration, while ensuring strict fund supervision [5] - A negative list for fund usage should be established, and performance evaluations should be linked to future budget arrangements [5] Green Finance - Green finance should support key industries and low-carbon transitions, with targeted financial products developed for traditional enterprises and ecological projects [6] - Encouragement for clean energy projects to apply for green credit and issue green bonds for project development [6] Funding Strategy - A combination of funding sources should be utilized, including ultra-long-term special bonds, local government special bonds, and green finance, to effectively support various project types [7][8][9] - Projects should be categorized based on their nature, with specific funding strategies tailored to each category, such as using special bonds for revenue-generating projects and budget funds for purely public welfare projects [8][9]

Core Viewpoint - Since 2020, productive credit (excluding real estate and infrastructure loans) has been continuously increasing, while terminal demand credit (related to real estate and infrastructure) has been declining, indicating that credit support is more reflected on the supply side rather than the demand side [2][4][5] Group 1: Productive Credit Needs to Decline - A clear definition is established: terminal demand credit includes infrastructure loans, real estate loans, and consumer loans, while productive credit includes business loans and non-real estate infrastructure loans [4][13] - Data observation shows that since 2020, the growth of productive credit has significantly outpaced that of terminal demand credit, with productive credit increasing by 4.8 trillion compared to a decrease of 4.9 trillion in terminal demand credit from 2019 to 2024 [4][13] - The excessive increase in productive credit may exacerbate supply-demand contradictions, where productive investment serves as both current demand and future supply [4][15] Group 2: Weekly Economic Observation - The Huachuang Macro WEI index as of September 7, 2025, is at 6.93%, up 0.17 points from the previous week, indicating a recovery in economic activity driven mainly by infrastructure and durable goods consumption [6][17] - Infrastructure indicators such as asphalt plant operating rates and cement shipment rates have improved compared to last year, with asphalt plant operating rates at 34.9%, up 9% year-on-year [7][26] - Real estate sales have shown a significant increase, with a 16.6% year-on-year growth in residential sales in 67 cities during the first five days of September [8][24] Group 3: Price Trends - Prices of gold, oil, and copper have risen, with COMEX gold at $3646.3 per ounce, up 1.3%, and LME copper at $10068 per ton, up 1.2% [8][44] - Domestic commodity prices have remained stable, while overseas prices have increased, indicating a divergence in price trends [8][44] Group 4: Interest Rates and Debt - The yield on government bonds has shown an upward trend, with the 10-year government bond yield at 1.8670%, reflecting a steepening yield curve [8][65] - The government has planned to issue new local government bonds amounting to 118.5 billion, indicating a proactive fiscal policy approach [8][49]

记者丨周潇枭 编辑丨包芳鸣 9月12日，国新办举行新闻发布会，邀请财政部部长蓝佛安，以及财政部副部长廖岷、副部长王东伟、副部长郭婷婷，介绍"十四 五"时期财政改革发展成效，并答记者问。 "十四五"时期，全国一般公共预算收入预计达到106万亿元，比"十三五"时期增加17万亿元，增长约19%；全国一般公共预算支出预 计超过136万亿元，比"十三五"时期增加26万亿元，增长24%。 五年里，大量"真金白银"投向了发展大事和民生实事。"十四五"时期， 全国一般公共预算安排教育支出20.5万亿元，社会保障和就 业支出19.6万亿元，卫生健康支出10.6万亿元，住房保障支出4万亿元，加上其他领域支出，财政民生投入近100万亿元。 今年，国 家财政安排1000亿元发放育儿补贴、200亿元逐步推行免费学前教育，积极回应人民群众关切。 截至2025年8月底，国家财政一共拿出约4200亿元，大力支持消费品以旧换新，带动各类商品销售额超2.9万亿元。近两年，安排超 长期特别国债1.5万亿元，推进"两重"建设。五年来，共安排地方政府专项债券19.4万亿元，支持建设项目15万个；安排中央预算内 投资3.33万亿元，支持水利、交通等基础 ...

今天下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，财政部部长蓝佛安介绍了"十四五"时期财政改革发展成 效。 蓝佛安：未来财政政策发力空间依然充足 蓝佛安介绍， 财政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 蓝佛安：财政部门将做好政策储备 主动靠前发力 蓝佛安表示，下一步财政部门将继续保持政策的连续性、稳定性，增强灵活性、预见性，加强对形势的前瞻研判，做好政策储备，主动靠前 发力，为经济社会高质量发展贡献财政力量。 蓝佛安：提前下达部分2026年新增地方政府债务限额 靠前使用化债额度 蓝佛安表示，"十五五"期间，我们将继续统筹好发展和安全，加快建立健全与高质量发展相适应的政府债务管理机制，在发展中化债、在化 债中发展，为经济行稳致远提供有力支撑。 第一，在存量上做减法。继续落实好一揽子化债举措，提前下达部分2026年新增地方政府债务限额，靠前使用化债额度，多措并举化解存 量隐性债务。 第二，在管理上做加法。严格地方政府债务限额管理，确保用得好、还得起、可持续。强化专项债"借用管还"全生命周期管理，推进隐性 债、法定债"双轨"合并管理，建立统一的长效监管 ...

Core Viewpoint - The Chinese government has maintained an active fiscal policy during the "14th Five-Year Plan" period, focusing on both short-term economic stabilization and long-term development, with significant measures taken to enhance economic resilience and growth potential [2][5]. Group 1: Fiscal Policy Characteristics - The fiscal policy has become more forceful, with the deficit rate increasing from 2.7% to 3.8%, and further to 4% this year. Additionally, a new quota of 19.4 trillion yuan for local government special bonds has been arranged, along with over 1 trillion yuan in tax reductions and deferrals [2]. - The tools for fiscal policy have become more diverse, utilizing government bonds, tax incentives, fiscal subsidies, and special funds to enhance the multiplier effect of policies. For instance, the innovative issuance of ultra-long special government bonds supports comprehensive demand expansion [2]. - The fiscal measures have become more precise, targeting economic bottlenecks and challenges, such as a one-time arrangement of 6 trillion yuan for debt replacement to alleviate local debt pressure, thereby freeing up resources for public welfare and development [3]. Group 2: Timing and Flexibility - The timing of policy implementation has become more flexible, with a focus on early and effective execution of measures. The government aims to ensure that policies are timely and impactful, adjusting fiscal macro-control strategies as needed based on changing circumstances [4]. - The government emphasizes the importance of coordinating fiscal policy with monetary policy to create a synergistic effect. For example, the issuance of 500 billion yuan in special government bonds is expected to leverage approximately 6 trillion yuan in credit investment [4]. Group 3: Future Outlook - The fiscal policy will continue to balance risk prevention and development promotion, with ample room for future fiscal actions. The long-term positive trend of the Chinese economy remains unchanged, providing a solid foundation for fiscal operations [5]. - The government plans to maintain policy continuity and stability while enhancing flexibility and foresight, ensuring readiness for future challenges and contributing to high-quality economic and social development [5].

Group 1 - The Ministry of Finance emphasizes the significant growth potential of domestic demand and plans to innovate fiscal and tax policy tools to stimulate consumption and investment, thereby enhancing high-quality development [1] - The Minister of Finance, Lan Fang'an, highlights that China's unique advantage lies in its domestic demand-driven economy, which is expected to lead to substantial investment needs due to accelerated new-type industrialization and stable urbanization [1] - The government aims to implement a series of policies to boost consumption and investment, enhancing the internal driving force for high-quality development during the 14th Five-Year Plan period [3] Group 2 - The government plans to expand consumption demand by improving people's livelihoods, focusing on job creation and income growth, with a central budget allocation of 318.6 billion yuan for employment support, a 29% increase from the previous five-year period [3] - Direct subsidies such as childcare and elderly care support are introduced to stimulate consumption, with approximately 420 billion yuan allocated to promote the replacement of old consumer goods, resulting in over 2.9 trillion yuan in sales [3][4] - The government is committed to enhancing supply quality to lead demand, supporting over 30,000 major technical equipment and 190 innovative material products during the 14th Five-Year Plan [4] Group 3 - The government has arranged over 1.5 trillion yuan in special long-term bonds and 19.4 trillion yuan in local government special bonds to support 150,000 construction projects, aiming to effectively drive social investment [4] - The focus is on improving logistics and supply chain resilience through the construction of national comprehensive freight hubs in 37 cities, enhancing the overall safety and efficiency of the supply chain [4]