Accelerated pace of issuance of special bonds, funding directed towards "new infrastructure"

The issuance of special bonds is accelerating. Wind data shows that as of September 8, the total amount of new special bonds issued by various regions this year has reached 3.3822 trillion yuan, breaking the 3.3 trillion yuan mark. China plans to issue 4.4 trillion yuan in special bonds for local governments this year, and based on this calculation, the current progress of new special bond issuance has reached 76.9%. From January 1, 2024 to September 8, 2024, a total of 2.5714 trillion yuan in new special bonds were issued by various regions, compared to this, an extra 810.8 billion yuan was issued during the same period this year. While the issuance pace is accelerating, there are also new trends in the use of special bonds. Many regions are exploring investing special bonds in government investment funds.