In July, the scale of new special bond issuance reached a new high for the year.

Since April this year, the issuance speed of local government special bonds has been increasing month by month, and the issuance scale reached a new high for the year in July. Data from Enterprise Early Warning shows that in July, a total of 616.936 billion yuan of new special bonds were issued nationwide, an increase of 89.842 billion yuan compared to the previous month. So far this year, the progress of issuing new special bonds has significantly accelerated, with the cumulative issuance scale reaching 2.16 trillion yuan in the first half of the year, a substantial increase of 45% year on year. This has strongly supported the construction of major projects in key areas at the local level, and sustained the resilience of infrastructure investment growth in the first half of the year. Considering that the issuance of new special bonds in various regions has basically been completed before the fourth quarter in recent years, and the meeting of the Central Political Bureau on July 30th requested to "accelerate the use of government bond issuance," market institutions generally expect the issuance pace of new special bonds to accelerate in the third quarter, further confirming market expectations. As an important source of funds for infrastructure investment, the accelerated issuance of new special bonds will provide more financial support for major projects. According to calculations of the new special bond quotas for this year, there is still more than 1.6 trillion yuan available from August to December in various regions. Wang Feng, associate professor at the China Institute of Public Finance at Shanghai University of Finance and Economics, pointed out to reporters that with the faster progress of issuing new special bonds, the growth rate of infrastructure investment in the second half of the year is expected to increase to 8% to 9%.