In the first half of the year, the scale of new special bond issuance exceeded 1 trillion yuan
Our reporter Bao Xing'an
The pace of new special bond issuance this year has slowed down compared with last year.
According to statistics from Oriental Fortune Choice, a reporter from Securities Daily shows that the scale of local debt issuance in the first half of this year reached 3,341.144 billion yuan, of which 1,014,334 billion yuan was newly issued for special bonds.
Experts predict that the third quarter of this year will be the peak period for the supply of new special bonds.
On a monthly basis, the scale of new special bond issuance has steadily increased.
Statistics show that the issuance of new special bonds began in March this year, with 26.4 billion yuan in that month, 205.608 billion yuan in April, 351.987 billion yuan in May, and 430.339 billion yuan in June.
Zhang Yiqun, deputy director of the Performance Management Committee of the Chinese Institute of Finance, told a reporter from the Securities Daily that the issuance of new special bonds in my country this year is lower than last year, but it is basically in line with market expectations.
On the one hand, at the end of last year, the quota for the issuance of new special bonds this year was not issued in advance as in previous years. On the other hand, the national "two sessions" approved this year's new special bond quotas before entering the substantive issuance stage.
This year, my country has arranged a new special debt limit of 3.650 billion yuan, and the new special debt issuance progress in the first half of the year was 27.8%.
In this regard, Zhang Yiqun said that setting the new bond limit is based on the perspective of stable economic development and debt risk control, and it is not a requirement that the limit must be completed every year.
What is really important is to ensure project safety, capital security, and economic efficiency, that is, on the one hand, it can meet the funding needs of government investment projects, and on the other hand, it can avoid a large amount of idle bond funds that will cause capital waste and increase the burden of financial debt and interest payments.
In order to strengthen the fund performance management of local government special bond projects, improve the use of special bond funds, and effectively prevent government debt risks, on June 28, the Ministry of Finance issued the "Local Government Special Bond Project Fund Performance Management Measures" (hereinafter referred to as the "Measures" "), clarify that the fund performance of special bond projects implements full life cycle management.
Adhere to the principle of "questioning for effectiveness and accountability for invalidity", follow the basic requirements of project expenditure performance management, and focus on the balance of financing returns and debt repayment risks.
The above-mentioned "Measures" require that before applying for special bond funds, the project unit or the project competent department shall carry out prior performance evaluation and incorporate the evaluation into the implementation plan of the special bond project.
The pre-performance evaluation mainly judges the necessity and feasibility of the project to apply for special bond funding support, focusing on eight aspects, such as project construction investment compliance and project maturity.
Cui Zhijuan, a professor at the Beijing National Accounting Institute, told a reporter from the Securities Daily that the impact of this on the issuance of special bonds in the second half of the year is mainly manifested in the standardization of bond issuance decisions, especially the ex-ante performance evaluation of debt repayment, not only the evaluation of project debt repayment For the feasibility of the plan, the risk points of the project's debt repayment must also be evaluated.
To guide the use of special debt funds, more attention and attention should be paid to the benefits of the funds themselves, and the use risks of the special debt funds themselves should be reduced.
Looking forward to the second half of the year, Guo Yiming, director of investment advisory at Jufeng Investment Consulting, told a reporter from the Securities Daily that from the local bond issuance plan that has been disclosed, the issuance of new special bonds in the second half of the year will accelerate and increase the use efficiency of subsequent new special bonds. Promoted.
"It is expected that the issuance of new special bonds in the second half of this year will be significantly faster than that in the first half of the year. There will be an acceleration period in the third quarter. The growth will continue to reach the peak of this year's issuance. The fourth quarter will remain relatively stable, which is conducive to economic growth. Form effective support." Zhang Yiqun said.
(Securities Daily)