In the first July, a total of 3.47 trillion yuan of special bonds issued a special project for early issuance of the key project

Since the beginning of this year, the pace of issuance of special bonds is obviously pretty forward. According to the latest data from the Ministry of Finance, from January to July, the new special bonds of local governments across the country have issued a total of 3.47 trillion yuan (including part of 2021 to the quota). The important role of special debt drives effective investment and stabilizes the macro economy.

Experts believe that, in the context of the increase in downward pressure on the current domestic economy, as an important point of active fiscal policy, special debt has been placed on the hopes of stimulating investment, expanding demand, and stable growth. With the use of the new special debt amount this year, the next stage, how to revitalize the limited space of the special debt, improve the efficiency of funds, and continue to drive effective investment is the key to implementing active fiscal policies.

Adjust the range of optimization

"Compared with the same period last year, the progress of the special bond issuance this year is significantly advanced. Special debt, as an important starting point for the annual economic growth, has accelerated significantly, further highlighting the government's determination and confidence in steady growth." Li Xuhong, director of the Institute of Application, said.

In addition to the accelerated progress of the issuance and use, the support scope of new special debt this year has also been adjusted and optimized. Song Qichao, the head of the Budget Department of the Ministry of Finance and the director of the Government Debt Research and Evaluation Center, previously stated that this year the Ministry of Finance rationally expanded the scope of use of special bonds, including increasing investment in the fields of Huinan, solving people's worries, etc. Project construction, promote shortcomings, strong and weak project construction. According to the Ministry of Finance, in the first seven months of this year, special bonds were mainly used for key areas such as municipal construction and industrial park infrastructure, social undertakings, transportation infrastructure, affordable housing projects, agricultural and forestry and water conservancy; Bond funds are used as railway, toll roads, and trunk airports such as capital, and actively exert the leverage effect of government investment "four or two pounds".

"Special debt continues to be used in the nine major areas, and rationally expands the scope of use in the field of supplementary shortcomings, strong weaknesses, and benefiting people's livelihood. Division. "Wang Zecai, a researcher at the Chinese Academy of Fiscal Sciences, said that the local government attaches great importance to the identification, selection, and reserves of special bond projects. Workload.

As the scale of issuance continues to increase and the issuance rhythm continues to accelerate, will the special debt be rewarded without repayment? At present, risks are controllable. "According to relevant policies, special bonds are repaid through local government funds and special income. For qualified projects allow the issuance of re -financing bonds to repay the principal." The relevant person in charge of the Ministry of Finance said The 533.2 billion yuan of special bonds of the period have been repaid in full on time.

Uses of regulatory funds in accordance with regulations

The premature use of special debt has effectively guaranteed the construction of key projects. Data show that as of the end of July, special debt funds have supported more than 26,100 projects, of which about 14,400 projects under construction and about 11,700 new projects.

It is worth noting that in the near future, Chongqing, Guizhou, Sichuan, Fujian and other provinces issued an announcement to adjust the use of local government bonds, especially special bonds, involving many projects.

"From the information disclosed by the audit department and various places, the adjustment of the use of special debt funds is mainly due to major changes in the project implementation process, such as delayed land approval and epidemic impact." It can prevent funds from idleness, which is conducive to accelerating the progress of the project and forming a physical workload as soon as possible.

According to relevant regulations, the adjustment of the use of special debt must strictly perform the prescribed procedures. How to prevent local use of local misappropriation or use of special debt funds first? Li Xuhong suggested that on the one hand, we must do a good job of preliminary protection, strengthen the audit checkpoint from the aspects of capital investment and project compliance, maturity, and financing income balance, improve the quality of special bond project reserves, and improve project income. Implement penetrating monitoring, strictly calculate project income, and improve project income. On the other hand, we must timely manage and verify, establish a punishment mechanism, and timely discover new problems in the use of bond funds by carrying out normalized verification inspections, establishing a penalty mechanism for illegal treatment, and other measures to maintain supervision pressure.

In order to effectively urge the special bond funds to be used on the "blade", the Ministry of Finance stated that the next step will guide the local government to make good use of government special bond funds, make full use of the recent window period with relatively small local government bond issuance, and complete this year's new special bonds this year. Issuing the end. At the same time, accelerate the use of special bond funds, in accordance with the requirements of "zero tolerance", urge localities to accelerate the management of special bond projects and effectively prevent the risk of special bonds.

Establishing debt limit space

Recently, the central government has made important deployment on the use of special bonds. The meeting of the Political Bureau of the Central Committee of the Communist Party of China on July 28 proposed to make good use of the special bond funds of the local government and support local governments to use the special debt limits; The placement limit for the local debt is issued by the end of October.

"The executive meeting of the State Council proposes to use the local deposit limit of special debt in accordance with the law, which means that the fiscal policy in the second half of the year will remain at a certain intensity and continue to exert the positive efficiency of policies." Li Xuhong said that the infrastructure investment in the first half of the year, and local governments existing fiscal funds Insufficient issues, make good use of the special debt deposit limit, will appropriately alleviate the financial pressure in some regions and promote infrastructure construction. At the same time, the executive meeting of the State Council emphasizes that "good use in accordance with the law" will help restraint and prevent fiscal risks. How to use the special debt limits and face some challenges. Tan Zhuo, director of the Macroeconomic Research Institute of China Merchants Bank Research Institute, said that the current special bond limit space is sufficient, but there are problems with uneven distribution of regions and inadequate projects and spaces. The space left in the underdeveloped areas is small. At the same time, it is also necessary to pay attention to the impact of issuing special debt on local government debt ratios.

In the next stage, how to make good use of local government special bond funds to better stabilize investment, employment, and stable growth?

Wang Zicai said that the debt limit space is revitalized in accordance with the law, and the use of special debt limits will be used to use the special debt limits, and it will play a multiplication effect on infrastructure investment and economic growth. First of all, project recognition work under performance direction should be strengthened. For scientific and feasible analysis, complete fund balance schemes, and projects that can produce high economic and social benefits, priority arrangements are preferentially arranged into the warehouse. Secondly, the performance management method is integrated into the full life cycle of the special bond project. Through the performance evaluation of the previous performance, the performance operation monitoring during the matter, the performance evaluation and results of the results, the project execution can be checked, controlled, and the use of funds is effective. In addition, the use of special debt funds must be accelerated, the project is promoted to the blocking point, and more physical workload should be formed in the third and fourth quarters.

"Governments of various local governments can revitalize the limit space in accordance with the law and improve the efficiency of the use of special debt funds." Li Xuhong suggested that one is to do a good job of special debt project reserves. Project approval rate. The second is to regulate the field of special debt investment, focus on protecting debt investment in key areas such as people's livelihood, and it is strictly forbidden to invest in areas and projects that do not meet the conditions. The third is to match debt issuance and project construction period to avoid the idle of debt funds. For mature projects that have been invested in construction, more physical workloads must be accelerated, and effective investment and consumption will be driven to help economic growth. (Economic Daily reporter Li Hualin)

(Editor in charge: Tan Mengtong)

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