"Special bonds + special loans" work together to speed up local debt collection efforts.

The special new special bonds aimed at fulfilling the function of "repaying the overdue accounts of local governments to enterprises" have accumulated a total issuance scale of over 1.2 trillion yuan this year, exceeding market expectations. At the same time, special loans from national commercial banks to support debt collection work have gradually emerged, reflecting a significant acceleration in the speed of fiscal and financial tools working together to "collect debts" since the third quarter. The Ministry of Finance has already clearly signaled the policy of "using debt quota in advance", and with the gradual maturity of the "special bonds + special loans" cooperative model, the pressure on enterprise cash flow will be further alleviated in the future, and the possibility of systemic risk caused by debt defaults will also be further reduced.