Core Viewpoint - Shanxi Province's Finance Department successfully issued the 11th batch of government bonds worth 18.003 billion yuan, concluding the bond issuance for 2025 with a total of 191.386 billion yuan issued throughout the year [1] Group 1: Bond Issuance Details - The bonds issued include maturities of 7 years, 10 years, 15 years, and 20 years, with an average issuance interest rate of 2.09% and an average bid multiple of 26 times [1] - The total bond issuance for the year consists of 89.591 billion yuan in new bonds (23.191 billion yuan in new general bonds and 66.4 billion yuan in new special bonds) and 101.795 billion yuan in refinancing bonds [1] Group 2: Financial Strategy and Innovations - The Finance Department emphasizes a dual approach of debt management and development, enhancing fiscal coordination capabilities and creating space for development [1] - The department accelerated the issuance pace, issuing bonds as projects mature to ensure early utilization and effectiveness [1] - Innovations include the first issuance of bonds on the Beijing Stock Exchange, achieving full coverage of issuance venues, and the trial of issuing 7.992 billion yuan in bonds based on local bond yield curves, further improving market-oriented pricing mechanisms [1] Group 3: Community and Collaboration Efforts - The department has played a linking role by continuously offering 750 million yuan in Shanxi bonds to benefit the public for the fifth consecutive year [1] - An optimized underwriting incentive mechanism has been implemented, along with various forms of discussions and research to collaborate with financial institutions for high-quality development in Shanxi [1]

Core Points - The provincial finance department successfully issued the fifth batch of government bonds this year amounting to 12.594 billion yuan, with an average bidding multiple of 22.58 times and an average interest rate of 1.86% [1] - The issuance includes 6.411 billion yuan of new bonds and 6.183 billion yuan of refinancing bonds, primarily aimed at funding 172 public welfare projects, supplementing government fund finances, and repaying existing debts [1] - Cumulatively, the province has issued government bonds totaling 108.171 billion yuan from January to July this year [1] Financial Strategy - The provincial finance department is implementing a more proactive fiscal policy and continuously deepening the reform and management of local bond issuance [1] - This year, the department has issued 4.766 billion yuan of renewed bonds, increasing the original bond issuance from March to 12.987 billion yuan, optimizing the scale and repayment structure of bonds [1] - These measures have effectively alleviated the adverse impact of low interest rates on both primary and secondary markets, receiving widespread market acclaim [1] Future Plans - The provincial finance department plans to strengthen collaboration with financial institutions to promote the continuous market-making of renewed bonds on the exchange [1] - This initiative aims to enhance the overall trading volume of Shanxi bonds and facilitate a smooth cycle of bond issuance and trading [1] - The goal is to promote high-quality development in Shanxi through efficient coordination between fiscal and financial sectors [1]

Core Viewpoint - The successful issuance of government bonds by the Shanxi Provincial Finance Department reflects a proactive fiscal policy aimed at funding public projects and managing debt effectively [1] Group 1: Bond Issuance Details - The Shanxi Provincial Finance Department issued a total of 12.594 billion yuan in government bonds, with maturities of 7, 10, 15, 20, and 30 years [1] - The average bid-to-cover ratio was 22.58 times, and the average interest rate was 1.86% [1] - This issuance included 6.411 billion yuan in new bonds and 6.183 billion yuan in refinancing bonds, primarily for 172 public welfare projects, supplementing government fund resources, and repaying existing debts [1] Group 2: Cumulative Issuance and Future Plans - From January to July, Shanxi has cumulatively issued government bonds totaling 108.171 billion yuan [1] - The Finance Department has implemented a more proactive fiscal policy and deepened local bond issuance reforms [1] - Future plans include strengthening collaboration with financial institutions to enhance the trading volume of Shanxi bonds and improve the bond issuance and trading cycle [1]