2021 new special debt issued near the end of the end of the project will be optimized

As of the end of November, the new special debt this year has been close to the release. Experts believe that the scope of use of special debts in the future is expected to further optimize, such as more for security housing projects, support green low-carbon development, help local governments to achieve more practical needs, so that fiscal policies have played better results. During the end of November, the issuance of the entry, the local government has a new special debt remains to be issued, and this year’s new special bond issuance enters an end.

WIND data shows that November local governments issued a new special debt of 576.1 billion yuan, slightly higher in October. From 1st to 7th, the local government plans to issue a new special debt of 37.3 billion yuan. Zhou Yue, chief analyst of Zhongtai Securities, fixed income, as of December 1, the Ministry of Finance has reached the 2021 new local government special debt limit of 346.6 billion yuan.

From January to November, the new special bonds after the special debt of small and medium banks were removed from 330.83 billion yuan, completed%.

Compared with the previous two years, the progress of this year’s new debt issuance is postponed, but the issuance of each month is more uniform.

From the perspective of the input, Zhou Yue said that in November, the new special debts in November mainly put to the urban and industrial park infrastructure, the national major strategic projects and affordable housing projects, accounting for about%,%, and% respectively.

It is worth noting that on November 26, Hunan issued a national first local government carbon and special debt, further broadening the scope of use of special debt.

The fundraising items of this special debt are medium and low-speed magnetic floats and tram projects, which help carbon emission reduction, standard coal saving, transportation, air pollutant emission reduction, etc., has obvious environmental benefits. Promoting the formation of more physical work for the issuance of the last and next year’s special debt, experts believe that special debts help to promote more physical workloads, which is a steady economic growth in the case of economic downtime. One of the important means. Recently, the State Council’s executive meeting requested that the amount issuance of the remaining local special debts this year, paying a good job of funding and expenditure management, striving to form more physical workload in early next year.

Huang Wentao, chief economist of CITIC Jiandou Securities, believes that in the case of economic downtown pressure, steady growth has become the focus of policies. Under the 上海找新茶 requirements of cross-cycle adjustment, the progress of the new special bond issuance is gradually accelerated, and the physical workload is basically innocent this year.

Under the dual pressure of the base factor and the economic downtime, the steady growth pressure in early next year is still large, and more physical workload is required as the "crimping stone" of economic growth. "From the special bonds to the physical workload to form an approximately one to two quarters, this means that the effect of special debt in August will appear in the early November or December. With this, the physical workload of the first quarter of next year can be It is strongly guaranteed. "Huang Wentao said that the effect of the current development force has not fully highlighted, but under the support of the 江浙沪娱乐地图 policy, the financial policy of infrastructure as the starting year will be" arrow "next year.

Further broadening the scope of use, the use of subsequent special debts will use the economy to further optimize the need, such as more to affordable housing projects, and explore the development of green low-carbon development.

The Chief Macro Analysis of CITIC Securities is expected to further broaden the scope of use of subsequent special bonds. This year, the new special debt investment in the local government is mainly the municipal construction, shed and the park, etc. For the expansion of subsequent special debts, Chief Economists of Ping An Securities believe that new local special debts should be better combined with the "14th Five-Year Plan" major projects and local affordable housing 上海高端外卖新茶 projects to solve the problem of insufficient reserve projects. Best to play the inverse cycle adjustment of major projects. Huang Wentao believes that affordable housing or a highlight of the development of special debt next year. Since this year, the relevant departments have repeatedly emphasized the importance of the construction of affordable housing. In the traditional urban investment and financing channel supervision, the new REIT financing channel has not yet been perfect, and the special bond issuance is an important driving force for supporting the affordable housing.

It is expected that the proportion of funds in the guaranteed housing in the special debt investment next year will be steadily advanced to about 20%.

"Double carbon objectives, it is expected that special debts will actively support the major projects related to green low-carbon development." Chengqiang said that major projects in new energy fields such as photovoltaic and wind power are the focus of the "145" period, and China is also realized Carbon-up, carbon neutralized main starting.

The People’s Bank of China has created the introduction of carbon reduction support tools, and supports financial institutions to the financial institutions in the key fields of related enterprises in the focus of the relevant enterprises in the key field of carbon reduction.

In addition to credit financing needs, these green industries are in line with the overall layout of regional development. It is also possible to consider support for special debts to further form financial funds and social funds.

(Zhao Bai Sugan) Editor: Zhang Jingwen.