Special bonds investment expands, boosting economic growth and local industry upgrades.

Under the dual effect of countercyclical adjustment of fiscal policy demand and resolution of pressure from local debt, China's scope of special bonds has undergone a major adjustment, expanding rapidly from traditional infrastructure construction to areas such as public services, industrial upgrading, and debt resolution. Recently, provinces such as Zhejiang, Beijing, and Hunan have taken the lead in piloting innovative models, promoting the transformation of special bonds from single investment to multi-dimensional objectives of "stable growth, structural adjustment, and risk prevention" through measures such as acquiring commercial real estate, injecting funds into industrial funds, and clearing corporate debts.