In the first 7 months of this year, the scale of local bond issuance was 5.66 trillion yuan experts said that special bonds were important policy tools for stable investment

Our reporter Bao Xingan

Oriental Fortune Choice data shows that the scale of local bond issuance in the first seven months of this year reached 5.66 trillion yuan. Among them, after excluding 13.5 billion yuan of SMB special bonds, the scale of new special bond issuance was 3454.013 billion yuan.

As an important starting point for implementing active fiscal policies, special bonds play an important role in driving effective investment and stable macroeconomic markets. This year, the amount of new special bonds was arranged by 3.65 trillion yuan, which maintained a high scale. The "Policy and Measures for the Economy" issued by the State Council on May 31st on the request to complete the task of issuance and use of special bonds this year, and accelerating the progress of the issuance and use of 3.45 trillion yuan this year. Strive for basically use it before the end of August.

"The new special debt used for project construction this year has been issued in the first seven months, and the issuance rhythm is significantly faster than in previous years." Feng Lin, a senior analyst of the Department of Eastern Jincheng Research and Development, told the Securities Daily reporter It takes a certain amount of time to start the project to be approved to the project. Policy requirements are basically in place before the end of August. It is intended to ensure that special debt funds can be used to form a physical workload during the year, so as to truly play the role of stable investment and strive to stabilize the macroeconomic market. Essence

According to data released by the Ministry of Finance's Government Debt Research and Evaluation Center on July 27, in June, local organizations issued a special bond of 137.24 billion yuan in special bonds. From the perspective of capital investment, new special bonds are used for 479.753 billion yuan in infrastructure in municipal and industrial parks, 265.268 billion yuan in social undertakings, 224.683 billion yuan in affordable housing projects, 210.350 billion yuan in transportation infrastructure, 112.447 billion yuan in agricultural forestry water conservancy, ecology Environmental protection is 49.852 billion yuan, urban and rural cold chain logistics infrastructure is 22.101 billion yuan, and energy sources are 7.911 billion yuan.

Xie Qinqin, a senior investment consultant of Jufeng Investment Consulting, told a reporter from the Securities Daily that special bonds are important policy tools for current stable investment, and they are suitable for major projects with certain income. Driven by the accelerated issuance of special bonds, in the first half of this year, infrastructure investment increased by 7.1%year -on -year, and the growth rate accelerated by 0.4 percentage points from the previous five months. With the acceleration of special debt in localities, it will play a role in stabilizing the economy in the second half of the year.

In the case of new special debt used for project construction, the market generally pays attention to how to use the special debt limit to supplement the "ammunition" to supplement infrastructure investment.

A few days ago, the Political Bureau of the Central Committee of the Communist Party of China convened a meeting to "make good use of local governments special bond funds and support local governments to make good use of special debt limits."

In response, Bai Yanfeng, dean of the School of Finance and Taxation of the Central University of Finance and Economics, told the Securities Daily that the use of special debt limits to use a good use of special debt will help make up for the lack of social needs and expand the demand for active fiscal policies. The central government must do a good job of allocating limit, especially in areas with good early foundation, sufficient project reserves, and small debt pressure. You can dig deep into the potential of the funds of special debt to achieve the leapfrog development of the region. control.

As an important part of government funds, the balance of the special debt is restricted by the limited amount. According to the latest data of the Ministry of Finance, the national government debt limit in 2022 was 37647.430 billion yuan, of which the special debt limit was 21818.558 billion yuan. As of the end of June 2022, the balance of local government debt in the country was 34750.3 billion yuan, which was controlled within the limited amount approved by the National People's Congress. Among them, the special debt was 20264.5 billion yuan.

Feng Lin said that there is still a difference between the special debt limit and the balance, and there is a certain space. If you "make good use of the special debt limit", the special debt can be issued at most in the second half of the year.

Bai Yanfeng said that from the perspective of the selection of special debt investment, it can focus on new infrastructure combined with the development of the digital economy. In fact, many places in my country have already moved in this regard, especially the investment and layout of computing power resources, and the situation of benign competition has been initially formed.

"It is recommended to further create a good policy and institutional environment, further enhance stability and sustainability, and attract various market entities such as state -owned enterprises, private enterprises, and foreign capital in the process of special debt funds." Bai Yanfeng said.

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