Further optimize the implementation details of special bonds management in Shanxi

In order to further optimize the full lifecycle management of special bonds "borrow, use, manage, and repay", the Department of Finance of Shanxi Province and the Provincial Development and Reform Commission jointly issued the "Implementation Rules for Further Optimizing the Management of Special Bonds". The "Implementation Rules" will be implemented from April 21, 2025, with a validity period of 2 years. The "Implementation Rules" consist of 44 articles, providing clear and detailed provisions on project reserves and declaration, quota distribution and budgeting, issuance management, and other aspects. The "Implementation Rules" define special bonds as local government bonds issued by the provincial government for the construction of public welfare projects with certain returns, and repayment of principal and interest within a specified period. The provincial government is the main issuer of special bonds for the entire province, and if lower-level governments need to use special bonds, they will be issued and gradually transferred by the provincial government. The debt scale of issuing special bonds is subject to quota management and must not exceed the approved quota. Special bonds should be implemented in physical government investment projects and managed according to a "negative list" of investment areas. The projects and funds of special bonds are subject to hierarchical management, and those who use them are responsible for them, and those who supervise them are responsible for them.