Recently, a new round of major projects have been launched in many places. As an important tool for stabilizing investment and growth, in January this year, the issuance of new special bonds continued to take the lead, and the issuance scale exceeded the level of last January. Experts believe that special bond funds will effectively guarantee the financing needs of key projects and further expand effective investment. As the funds from all aspects are in place in succession, the investment is urged to "sprint at the beginning", and the physical workload is accelerated. The investment in infrastructure is expected to maintain a rapid growth throughout the year. On February 2, the third phase expansion project of Guangzhou Baiyun Airport of Guangdong Airport Group held the pledge conference for the investment of 10 billion yuan in 2023, marking that the construction of the project has entered the full development stage. The total investment of Baiyun Airport Phase III expansion project is 53.77 billion yuan, and it is planned to be completed and put into operation in 2025. After the completion of the project, the annual passenger throughput capacity of Baiyun Airport will reach 120 million person-times, and the cargo and mail throughput capacity will reach 3.8 million tons. On the basis of scientific research and judgment of the project, the project is planned to complete an investment target of 10 billion yuan in 2023. Not only in Guangzhou, but also in many places, major projects have been launched in recent days. On January 28, Shaanxi held a centralized commencement ceremony for key projects in the first quarter of 2023. In the first quarter, 795 provincial and municipal key projects were launched, with a total investment of 564.6 billion yuan; On February 1, Guizhou held a centralized commencement ceremony for major projects in the first quarter of 2023. There were 687 major projects in the province, with a total investment of 376.767 billion yuan. The project investment "starting is sprinting" cannot be separated from the strong support of funds. According to Wind data, local bonds issued 643.493 billion yuan in January, including 491.184 billion yuan of new special bonds. The reporter noted that under the condition that the Spring Festival holiday was relatively earlier this year, the issuance scale of new special bonds in January was still expanded compared with the same period last year. This means that after the issuance scale reached a record high last year, the issuance of new special bonds remained continuous and stable, and continued to provide support for expanding effective investment and stabilizing the macroeconomic. "This year's special bonds may be issued in the first half of the year." Xie Yunliang, chief macro analyst of Cinda Securities, predicted that the second quarter may be the peak of bond issuance, and the physical workload will be formed in the third quarter. Sun Binbin, the chief fixed-income analyst of Tianfeng Securities, estimated that the total amount of new special bonds this year was nearly 4 trillion yuan. Accelerate the development of new infrastructure. While the issuing scale is expected to expand and the pace continues to accelerate, the special bond funds effectively guarantee the investment in key projects. In the field of special bond support, Yuan Haixia, vice president of China Integrity International Research Institute, believes that this year's special bond funds will continue to focus on supporting the "two new and one heavy" fields that promote consumption and benefit people's livelihood, and also adjust the structure and increase the stamina. While ensuring the financing needs of key projects such as transportation, water conservancy and energy, it will accelerate the construction of new infrastructure and new urbanization projects, and further expand effective investment. In order to accelerate the replenishment of the shortfalls in the field of people's health care, the special debt will still be invested in public health services, emergency medical construction and other projects benefiting people's livelihood. On January 31, Shanxi issued 21.296 billion yuan of government bonds, all of which were new bonds, including 19.875 billion yuan of new special bonds. Shanxi Provincial Department of Finance