The new special bonds are accelerating their implementation, with nearly ninety percent of the debt swap issuance within the year.

According to Wind data, as of August 10, the issuance of new special bonds across various regions has reached 25,448.07 billion yuan this year, with a progress rate of 57.8% compared to the annual quota of 44,000 billion yuan. Among this, the issuance scale of refinancing special bonds used for replacing existing hidden debts has reached 17,942.43 billion yuan, completing 89.7% of the annual limit of 20,000 billion yuan, nearly reaching 90%. Luo Zhiheng, chief economist and president of the research institute at Yuekai Securities, stated that in the second half of the year, as reserve projects continue to be implemented and debt funds are released more quickly, it is expected that the growth rate of fiscal expenditure will significantly exceed that of the first half of the year, driving economic recovery.