In the first 8 months, the scale of local debt issuance exceeded 6 trillion yuan by 24% year -on -year year -on -year

Our reporter Bao Xingan

Oriental Wealth Choice data shows that the scale of local bond issuance in the first eight months of this year exceeded 6 trillion yuan, reaching 6047.4 billion yuan, an increase of 24%year -on -year. Among them, new local debt issuance was 4021 billion yuan, a year -on -year increase of 62.4%.

Xie Qinqin, a senior investment consultant of Jufeng Investment Consulting, told a reporter from the Securities Daily that this year, the scale of new local bond issuance has increased significantly and the issuance speed has been accelerated, which reflects the active fiscal policy forward and strives to stabilize the macroeconomic market.

Divided by use, local bonds are divided into new local bonds and re -financing bonds. In 2022, the budget arrangement was arranged for new local government debt limits of 4370 billion yuan. Among them, the general debt limit is 720 billion yuan, and the special debt limit is 3.65 trillion yuan.

Data show that among the new local bonds issued in the first eight months, the newly issued general bonds issued 690.9 billion yuan, and the new special bond issuance was issued 3519.1 billion yuan (of which the new special bond for project construction was 3.45 trillion yuan, early It has been basically released in the first half of the year).

According to the recent "Report on the Implementation of China's Fiscal Policy in the First Half of 2022" issued by the Ministry of Finance, in 2022, there were 71,000 special bond projects in two batches of reserve. In the first half of the year, the issued new special bonds supported more than 23,800 projects, of which about 10,800 projects under construction, and about 13,000 new projects.

Chen Yucheng, a senior investment consultant of Jufeng Investment Consulting, told the Securities Daily that the scale of new special bond issuance this year exceeded expectations, which became an important starting point for stable investment, ensured the financing needs of infrastructure projects, and played a positive role in economic growth. It is expected that the growth rate of infrastructure investment will rise throughout the year.

The reporter noticed that the scale of financing bonds has declined since this year. Oriental Fortune Choice data shows that among the local bonds over 6 trillion yuan, re -financing bonds issued 1837.4 billion yuan, a year -on -year decrease of 23.5%. Among them, 771.9 billion yuan of re -financing special bonds were issued, and re -financing general bonds were issued 1065.5 billion yuan.

"Re -financing bond funds are mainly used to repay the principal of the local debt due to expiration, and some reinsurance bonds have special uses. In recent years, many places have issued reinforcement bonds for" repayment of stock debt "to replace hidden debt. Since the beginning of this year, the scale of financing bonds has declined, mainly due to the decline in the repayment of local bonds due. "Feng Lin, a senior analyst at the Department of Eastern Jincheng Research and Development, told the Securities Daily that according to statistics, the local bonds in the first eight months of this year this year The repayment of maturity was 1.73 trillion yuan, a year -on -year decrease of 16.4%. At the same time, this year's special use of special use of financing bonds has been significantly compressed year -on -year. According to statistics, in the first half of this year, the amount of re -financing bonds used to "repay the stock debt" was about 220 billion yuan, and the circulation was about 600 billion yuan in the first half of last year.

Feng Lin said that the number of local debt due from September to December this year was about 1.04 trillion yuan, which was significantly higher than 602.8 billion yuan in the same period last year. At the same time, although there are still more than 500 billion yuan of special bonds in the year, the deposit limit of special bonds is yet to be issued, but from September to December last year to December, the issuance of new special bonds exceeded 1.7 trillion yuan. Therefore, from the perspective of the period of repayment pressure and the overall supply rhythm of local bonds, the subsequent re -financing bond issuance of financing bonds during the year is higher than the same period last year. It is estimated that the amount of financing bonds from September to December will exceed 1 trillion yuan, which is expected to reach about 1.2 trillion yuan, which will be significantly higher than 717.6 billion yuan in the same period last year.

It is worth mentioning that the special bond of small and medium -sized banks, as a special debt, issued three in the first eight months of this year, with a total scale of 48.5 billion yuan. Among them, Dalian issued 5 billion yuan, Gansu issued 30 billion yuan, and Liaoning issued 13.5 billion yuan.

The person in charge of the relevant departments of the CBRC previously stated that since this year, the CBRC has actively integrated with the Ministry of Finance and the People's Bank of China to accelerate the issuance of local government issuance of special debt to supplement small and medium bank capital. In the first half of this year, with the approval of the State Council, it has distributed 103 billion yuan of special debt quotas to Liaoning, Gansu, Henan, and Dalian provinces (cities).

Li Qian, deputy general manager of Dongfang Jincheng Financial Business Department, told the Securities Daily that the support of small and medium -sized banks to develop special bonds will directly supplement the core first -level capital of small and medium banks, improve the ability of small and medium bank Serve the real economy.

"Special bonds are used to supplement small and medium -sized bank capital restrictions on the proportion of local fiscal budget limits. At the same time, the number of special bond capital injection objects is large, and the amount of funds supported by each institution is limited." Li Qian suggested Under the premise of comprehensively clearing up production and nuclear approximately, investigating risks and serious accountability in accordance with laws and regulations, "one line and one policy" steadily promoted supplementary capital, strictly prevent moral risks, and established small and medium -sized bank capital supplementary bonds for the entire life cycle management mechanism and exit mechanism Essence

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