The latest data from the Ministry of Finance shows that in the first five months of this year, a total of 2253.8 billion yuan of new bonds were issued nationwide, including 356.8 billion yuan of general bonds and 1897 billion yuan of special bonds. Recently, multiple regions have successively announced plans for the issuance of local government bonds for the third quarter, and many regions will complete the task of issuing new bonds for the whole year by the end of September. The issuance of local bonds has shown a "rapid acceleration" trend, and the stable economic efficiency continues to be released. This year, the new issuance quotas for general and special bonds nationwide are 720 billion yuan and 3800 billion yuan, respectively. As of May, the completion progress of the new issuance tasks for general and special bonds is close to 50%. Special bonds exhibit the characteristics of 'early issuance, fast use, and guarantee key projects', playing a greater role in promoting sustained economic recovery, "said Mao Jie, a professor at the University of International Business and Economics. At present, many regions have successfully completed the local bond issuance plan for the first half of the year, and some have even completed the task of issuing new government bonds throughout the year. On June 8, Fujian successfully issued 56.149 billion yuan of new government bonds in China Central Depository&Clearing Co., Ltd. At this point, except for the self issued and self repaid portion in Xiamen, the new government debt limit issued by the Ministry of Finance in Fujian this year has been fully issued. On June 14th, with the successful issuance of the last batch of local government bonds worth 45.717 billion yuan, the issuance work in the first half of Anhui was completed as planned. As of mid June, Anhui has issued a total of 183.022 billion yuan of government bonds this year, including 92.477 billion yuan of newly added special bonds and 8.6 billion yuan of newly added general bonds. Zhao Quanhou, a researcher at the Financial Research Center of the Chinese Academy of Financial Sciences, said: "The issuance progress of new local government bonds at the end of May is close to half of the year, which can provide good financial conditions for local government investment. Since the beginning of this year, various regions have further strengthened bond project planning and review, appropriately increased the concentration of fund use, prioritized the protection of major projects, and better played a guiding and driving role in investment for the entire society. On June 20th, Henan successfully issued 27.092 billion yuan of government bonds in Shenzhen, including 2.457 billion yuan of new general bonds and 13.366 billion yuan of new special bonds. The newly added general bond funds will be used for the construction of four provincial-level projects, including the "Double First Class" creation project and the high standard farmland construction project. The newly added special bond funds will be used for the construction of 196 projects such as municipal and industrial park infrastructure and affordable housing projects. The successful issuance of this batch of government bonds will play an important role in supporting major project construction and alleviating the pressure on matured bond repayment, "said the relevant person in charge of the Henan Provincial Department of Finance. The newly added special bonds in Anhui in the first half of the year involve 979 projects, mainly used for municipal and industrial park infrastructure, transportation infrastructure, social undertakings, affordable housing projects, and agriculture, forestry, and water conservancy, providing strong support for the construction of key projects. In addition to a more focused use of funds, financing costs are also decreasing. The average issuance interest rate of local government bonds in May was 2.85%, including 2.73% for general bonds and 2.95% for special bonds. However, the average issuance interest rate of local government bonds in April was 3%, including 2.89% for general bonds and 3.06% for special bonds. A decrease in interest rates is beneficial for controlling government financing
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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