地方明年尽早发债可以推动一些重大项目尽早开工建设，这将为明年经济增长奠定良好基础，确保"十 五五"开好局。 为了稳经济，地方政府正着手明年初发行政府债券筹资支持重大项目建设等，目前预计一季度筹资规模 已超过1万亿元。 第一财经梳理各地财政部门公开信息发现，截至12月22日，至少有四川、江苏、江西、贵州等14个省市 （自治区、直辖市、计划单列市）已经公开了明年一季度或1月当地政府债券发行计划，累计发行规模 近1.2万亿元。 中央财经大学教授温来成告诉第一财经，从往年来看，提前下达地方政府下一年债务限额从而尽早发债 是常规动作。但是今年前11个月全国固定资产投资增速出现下降（-2.6%），其中基建投资增速也有所 下滑，这比较少见。中央此时提出推动投资止跌回稳，且2026年又是"十五五"开局之年，地方明年尽早 发债可以推动一些重大项目尽早开工建设，这将为明年经济增长奠定良好基础，确保"十五五"开好局。 当前地方财政收支矛盾较大，重大项目建设资金比较依赖地方政府发债。为了防控地方政府债务风险， 当年地方政府新增发债总额需要全国人大在每年3月份全国两会期间批准，而这又会使得地方发债集中 在下半年。 为了加快地方政府债券 ...

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 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]