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E-mail China.org.cn, November 25, 2024
Yicai:
Recently, the MOF has been studying the introduction of new measures for managing special bonds. Could you provide an update on the issuance and use of special bonds since the beginning of this year? What steps will be taken to strengthen management going forward? Thank you.
Lan Fo'an:
Thank you. I would like to invite Mr. Wang to answer this question.
Wang Dongwei:
Thank you for your question. In recent years, the MOF, along with relevant departments, has established and improved policies and systems for managing special bonds. We've guided local governments to enhance the quality of special bond projects. These bonds have played a crucial role in driving effective investment and stabilizing the macroeconomy. Since 2020, we've allocated a total of 18.7 trillion yuan for new special bonds, supporting about 130,000 government investment projects. As Mr. Lan mentioned earlier, in 2024, we have allocated 3.9 trillion yuan for new special bonds, the largest amount ever.
We've focused on leveraging government investment more effectively, and carefully organizing the allocation, issuance and use of special bonds. We've increased support for major economically developed provinces to use funds raised from the sale of special bonds. These funds will be weighed toward regions where projects are well-prepared and investments are more effective. We've also reasonably allocated special bond quotas to other regions to complete ongoing projects and implement national strategic initiatives. We've guided local governments to accelerate bond issuance and use, strengthening coordination and providing updates every 10 days. As of late September, 3.6 trillion yuan in new special bonds had been issued nationwide, 92.5% of the annual quota.
Building on this work, we aim to expand the scope of the use of special bonds, improve management mechanisms, maintain government investment intensity and pace, reasonably reduce financing costs, and promote high-quality development. Specifically, there are three key areas:
First, expanding the scope. This involves three main aspects. First, we will research and improve the management of lists of investments using funds from the sale of special bonds, increasing areas where funds can be used as project capital to maximize their usage. Second, we will make good use of special bonds to support the acquisition of existing commercial housing for affordable housing, as Mr. Lan and Mr. Liao mentioned, to support healthy real estate market development. Third, we will reasonably support forward-looking, and strategic emerging industry infrastructure to accelerate the development of new quality productive forces.
Second, strengthening mechanisms. We're studying ways to improve project management, creating a "green channel" for ongoing projects to ensure smooth transitions from planning to implementation. This will accelerate the issuance and use of special bonds, speed up project construction, and quickly generate tangible results. The goal is to effectively leverage government investment to guide and drive economic growth.
Third, tightening management. This involves three main aspects: First, we will improve the full lifecycle management of special bonds from borrowing to repayment, strengthen oversight of bond fund expenditures, and ensure project departments and units fulfill their responsibilities. Second, we will improve the management of asset account books for special bond projects, managing project assets by category to ensure a balance between government debt and project assets. Third, we will explore early repayments of special bonds, studying the establishment of a debt service reserve system to secure repayment sources. Thank you.
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