Make a good use of local special debt to form a physical workload (new position of economic new orientation and consolidation of the economy to rise to a good trend)

Data source: Ministry of Finance

The meeting of the Political Bureau of the Central Committee of the Communist Party of China on July 28 proposed that the local government's special bond funds were made to support the local government's use of special debt limits. What is the overall issuance of special bonds in the first half of the year? How can local governments and relevant departments further strengthen overall planning in the second half of the year, and use the full use of special debt limits to promote the formation of physical workload? The reporter interviewed.

Steady growth, benefit people's livelihood, supplement for shortcomings

On August 2nd, on the top of the pier high at 70 meters above the sea, the key control engineering of the deep and middle channels, and the east anchor of the Lingshengyang Bridge was successfully pushed at the right side, and the millimeter -grade Helong was staged. The Shenzhen -Middle Channel is another super cross -sea cluster project in the Guangdong -Hong Kong -Macao Greater Bay Area. It is expected to be opened to traffic in 2024. In order to ensure the demand for construction funds, as of now, the project has issued a total of 4.73 billion yuan in special bonds and 377 million yuan this year.

This year, special bonds, as an important starting point for implementing active fiscal policies, issued and used all the way. From January to July, local governments across the country have issued a total of 3.47 trillion yuan (including part of 2021 to the quota in 2021).

Special bonds effectively play the role of government investment in social capital--

From January to July, more than 250 billion yuan of special bond funds have been arranged in various places, which are used for major project capital such as railway and toll roads.

Special bonds better optimize the investment structure, benefit people's livelihood, make up for shortcomings, and strong foundations-

In the first half of the year, Sichuan Province implemented 12.3 billion yuan of special bond funds for water conservancy construction, which enabled the construction of 46 large and medium -sized water conservancy projects in the province and the construction of danger reinforcement reinforcement in the province to achieve speed up, quality improvement, and improvement. The scale of investment is the most over the years.

In the first half of the year, Hebei Province issued 192 billion yuan in special bonds, focusing on supporting the construction of nearly 1,600 public welfare projects such as Xiong'an New District, Langfang Air Economic Zone, and affordable housing projects. Among them, 707 projects, 64.9 billion yuan were put into the people's livelihood fields such as hospitals, schools, and affordable housing projects, and further supplemented the shortcomings of infrastructure in the field of social undertakings.

Foshan, Guangdong issued more than 140 million yuan of special bonds in the first half of the year, supported the construction of infrastructure construction of the industrial park in Nanhai Bay, Sanlong Bay, attracted a group of corporate headquarters and technology -based enterprises to settle in the construction of the economic and industrial cluster of the digital economy and headquarters.

Long Xiaoyan, an associate researcher at the Chinese Academy of Fiscal Sciences, said that according to policies, in addition to the nine major areas such as the original transportation and energy this year, special bonds can also support new infrastructure and new energy project construction. The construction of benefit people's livelihood and relief of the people's worries such as the construction of the pipeline network will support the construction of shortcomings and weaknesses such as agricultural and rural modernization, grain and storage and logistics facilities to ensure food supply.

Statistics show that among the 341 trillion yuan special bonds issued in the first half of the year, the infrastructure of municipal construction and industrial parks was 1169.1 billion yuan, transportation infrastructure was 577.7 billion yuan, social undertakings were 63.89 billion yuan, affordable housing projects were 529.6 billion yuan, agricultural and forestry Water conservancy was 283.2 billion yuan, ecological and environmental protection was 127.6 billion yuan, and 80.2 billion yuan in energy, urban and rural cold chain logistics infrastructure. The role of special bond funds in terms of benefiting people's lives and supplementing shortcomings is increasingly apparent.

Improve the efficiency of issuance and use

According to data from the Ministry of Finance, the national special debt limit this year was 21818.5 billion yuan; as of the end of June this year, the national special debt balance was 2026.45 billion yuan, thereby calculating the surplus of the special debt limit for 1554 billion yuan.

Luo Zhiheng, chief economist of Yuekai Securities, believes that the use of full use of special debt limits is mainly to solve the problem of insufficient fiscal funds in the fourth quarter of infrastructure forwarding this year. Essence

The issuance of new special bonds in 2022 has reached 95%, and the remaining 5%is basically used to supplement the capital of small and medium -sized banks. The limit "space" is mainly from the remaining remaining in 2021. Luo Zhiheng said that the surplus limit of Beijing, Shanghai, Jiangsu, Zhejiang, Fujian, and Shandong provinces and cities reached 61.996 billion yuan, accounting for about 40%of the total amount of local governments. Infrastructure. "

Luo Guo, director of the Fixed Asset Investment Department of the National Development and Reform Commission, said three days ago that he has recently organized local submitted to the third batch of special bond projects. At present, it has been selected to form a preparation project single feedback place.

While using the full use of the special debt limit, it is also necessary to promote the physical workload of the issued special bonds as soon as possible-

"Accelerate the expenditure and use progress of special bonds. One is to stabilize investment and grow steadily.

"The faster the expenditure progress, the higher the marginal effect, and the more obvious the effect of driving the economy." Bai Jingming, a researcher at the Chinese Academy of Finance Sciences, emphasized.

Song Qichao, a first -level inspector of the Budget Department of the Ministry of Finance, said that the financial department will urge localities to allocate special bond funds in a timely manner, compact the responsibilities of the project unit, and promote the physical workload of special bonds as soon as possible.

Press special bond funds in various places to use the "fast -forward key". For example, the Hebei Provincial Department of Finance has improved the bond expenditure package mechanism, realized the analysis and scheduling of "point -to -point" analysis and scheduling, and timely coordination and solving the difficulties; On the day of the collection, all were allocated to cities and counties, and realized that the city and county bond funds were "zero retention, but no night" in the provincial treasury. Continue to amplify the prying and traction of special bond funds on social capital, and it is also promising-

In the first half of the year, the proportion of special bond funds for major projects was about 7%. According to the policy and regulations, for major projects that support special bonds, meet the major central decision -making deployment, and have a large demonstration to drive effects, the ratio of the proportion of special bonds for capital is 25%. "Use enough" this policy can continue to release social investment vitality.

The Sichuan Provincial Budget Report disclosed that in 2021, Sichuan issued 185.4 billion yuan in special bonds for local governments. The special bonds were used as project capital and portfolio financing policies to drive about 500 billion yuan.

The State Council's "Policy and Measures for the Economy" issued by the State Council requires that the Ministry of Finance and the People's Bank of China and the China Banking Regulatory Commission guide commercial banks to provide supporting financing support for the construction of special bond projects for special bond projects, and to do a good job of valid credit funds and special bond funds. Connect.

Long Xiaoyan believes that in the next step, the coordination of the issuance and reform, finance, environmental protection, audit and other departments to actively ensure the supporting issues such as land use and energy use of special bond projects, and to create a special bond project application and approval environment for social capital and financial institutions. It is expected that at the same time, it is necessary to strengthen information coordination and communication, promote the docking and interaction between projects and funds.

Strengthen risk management

The greater the issuance of the distribution, fast issuance rhythm, the more the debt risk is to be strictly controlled.

To this end, the fiscal system has established a sound incentive mechanism. For example, the expenditure progress notification early warning, actively promote the penetrating monitoring of special bond projects, timely grasp the situation of project construction, capital use progress, etc., and report on the issuance of special bonds and expenditure use progress in various places every month. Some provinces have suspended the issuance of special bonds for the management of special bonds and the management of special bonds to promote the use of bond funds as soon as possible.

The relevant person in charge of the Ministry of Finance said recently that the current special bonds repay the risks on schedule. "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. As of the end of July, the principal of the special bonds expired this year is 533.2 billion Yuan Jun has been repaid in full on schedule, and the compensation risk is controllable. "He said that in the next step, the Ministry of Finance will make full use of the relatively small window period of local government bond issuance in the near future to complete the end of 2022 new special bond issuance. 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. At the same time, research and guidance of local use of special debt limits, revitalize the debt limit space in accordance with the law, and play an effective investment role.

(People's Daily reporter Qu Zhehan)

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