In order to stabilize the economy and promote investment, many places have begun preparations for bond issuance in the new year. According to data from the China Bond Information Network, Hebei, Shanxi, Hainan, Jiangsu and other places have recently disclosed local government bond issuance plans for the first quarter of 2024, with the expected bond issuance scale exceeding 220 billion yuan.
Zhang Yiqun, deputy chairman of the China Fiscal Budget Performance Committee, told a reporter from the Shanghai Securities News that local governments have launched a bond issuance plan in 2024, which means that fiscal policy in 2024 is expected to be proactive, and major projects and infrastructure are still important to stabilize growth. hand. It is expected that local government bond issuance will increase moderately in the first three quarters of 2024 and remain balanced throughout the year.
This year’s local government bond issuance of more than 9 trillion yuan is coming to an end. According to data from the Special Bond Information Network, as of December 25, local government bond issuance this year reached 9,342.4 billion yuan. Among them, 3.9555 billion yuan of new special bonds were issued and 701.6 billion yuan of new general bonds were issued.
The Ministry of Finance previously stated that in accordance with the deployment of the State Council and relevant work arrangements, some new local government debt quotas for 2024 will be issued in advance to reasonably ensure local financing needs. Experts predict that next year’s new local debt approval quota will most likely be issued at a rate of 60%, of which the advance approval quota for new special bonds may be around 2.28 trillion yuan.
New bonds in 2024 may be issued in the near future. The Heilongjiang Provincial Department of Finance issued an announcement on December 25, saying that in order to coordinate the allocation of bond funds, strive for the early issuance and quick use of new bonds, and form a physical workload as soon as possible, the provincial finance department has started the competitive review of the 2024 bond projects in advance. , organize various localities and departments to standardize the declaration of general bond projects through the bond project penetrating monitoring system, select the best projects that have been prepared in advance and fully meet the issuance conditions, and propose bond arrangement suggestions.
The advance approval quota is about to be released, and local governments have begun preparations for bond issuance. Among them, Hainan plans to start the issuance of local bonds in January next year, planning to issue 6 billion yuan of new general bonds; Jiangsu plans to issue 12.8 billion yuan of new general bonds and 60 billion yuan of new special bonds in February and March of next year respectively. Yuan.
Issuing local government bonds as soon as possible will stimulate investment in infrastructure next year. Wen Bin, chief economist of Minsheng Bank, said that looking forward to 2024, the growth rate of infrastructure investment is expected to be about 5.0%.
Wen Bin said that in terms of funding sources, in the fourth quarter of 2023, the central government will issue an additional 1 trillion yuan in government bonds for transfer payments to local governments, thereby easing local expenditure pressure and supporting local project construction. Considering that bond issuance, fund allocation, project declaration, etc. all take time, actual investment expenditure will be formed in 2024. The fiscal policy in 2024 will be “appropriate efforts to improve quality and efficiency”. The scale of new special bond issuance is expected to be no less than that in 2023, which will continue to provide financial guarantee for the construction of key projects.
Recently, when local governments planned economic work for next year, they mentioned that they will continue to expand investment and highlight the leading role of major projects. For example, Yunnan must work hard to tap investment potential, expand territory, and improve efficiency, plan and reserve a number of high-quality projects, stimulate the vitality of private investment, implement factor guarantees, expand effective demand, and promote the accelerated construction of major projects.
(Author: Li Yuan Editor: Wang Chenxi)
2023-12-26 23:21:00
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