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The single-day issuance scale exceeded 100 billion yuan, and the local 2 trillion yuan debt reduction ushered in a small peak. First Financial Daily 2024/11/22 18:01 The 6 trillion yuan local government bond replacement of implicit debt ushered in the first small issuance peak. According to data from the China Bond Information Network, on November 22, Jiangsu, Qingdao and Dalian issued a total of 144.6 billion yuan of local government refinancing special bonds to replace existing implicit debts. This is also the first single-day issuance scale of over 100 billion yuan since the Standing Committee of the National People's Congress approved the addition of 6 trillion yuan of local government debt limits to replace existing implicit debts on November 8. This also means that the above-mentioned refinancing special bonds for replacing existing implicit debts have ushered in an issuance peak. As of 4 pm on November 22, a total of 13 places disclosed that they would issue a total of about 853.8 billion yuan of local government refinancing special bonds before the 29th (inclusive) to replace existing implicit debts, of which the issuance scale on the 26th, 28th and 29th exceeded 100 billion yuan. According to the Ministry of Finance's plan, by the end of this year, local governments will issue a total of 2 trillion yuan of local government refinancing special bonds to replace existing hidden debts. More local governments will disclose relevant bond issuance information in the future. With 2 trillion yuan of the above 6 trillion yuan debt reduction quota being intensively implemented in more than a month, many financial and tax experts told Caixin that at the current time when local fiscal revenue and expenditure are in great conflict, this obviously solves the "urgent need" of local governments and greatly reduces the current debt reduction pressure of local governments. It can free up more funds and energy to protect people's livelihood and promote economic development, which will help achieve the expected economic growth this year. Previously, due to various factors, local governments illegally and irregularly raised debts in addition to statutory debts, forming huge hidden debts, which aroused the central government's vigilance. According to the central deployment, from 2018 to 2028, local governments need to basically repay the previously formed hidden debts to resolve potential debt risks. After years of debt reduction, as of the end of 2023, the balance of local government hidden debts was 14.3 trillion yuan. This also means that local governments will have to repay 14.3 trillion yuan of hidden debts from 2024 to 2028. At a time when the economic downward pressure is relatively large and the contradiction between fiscal revenue and expenditure is relatively large, local governments are under great pressure to repay debts. For this reason, the central government has stepped in to help local governments repay debts. One of the major measures is to allow local governments to issue 2 trillion yuan of local government refinancing special bonds each year from 2024 to 2026, raising a total of 600 million yuan to repay the above-mentioned 6 trillion yuan of hidden debts, thereby alleviating the current pressure on local governments to repay debts and reduce interest expenses, allowing local governments to free up 6 trillion yuan of funds originally used for debt repayment to improve people's livelihood, support investment and consumption, scientific and technological innovation, and promote stable economic growth and structural adjustment.After the Standing Committee of the National People's Congress approved the above-mentioned 6 trillion yuan debt reduction proposal on November 8, the Ministry of Finance issued the 6 trillion yuan debt limit to various places on November 9. In the 10 days from November 12 to November 22, 13 places including Henan, Guizhou, and Jiangsu disclosed documents on issuing special refinancing bonds to replace implicit debts, with a total bond issuance scale of about 853.8 billion yuan. In the future, other places will continue to take over and complete the 2 trillion yuan bond issuance task by the end of the year. At present, except for Guangdong and Beijing, which have publicly announced that their local hidden debts have been "cleared", other provinces are expected to obtain the above-mentioned 6 trillion yuan refinancing special bonds to replace hidden debts. How is this quota allocated? According to the recent disclosure of the National People's Congress website (Explanation on the proposal to review the increase in the local government debt limit to replace the existing hidden debt), the above-mentioned 6 trillion yuan debt reduction quota is allocated in one go to stabilize policy expectations. According to the scale of local government hidden debts and in accordance with the national unified proportion, the local government debt limit is allocated to reflect policy fairness and form a stable debt reduction expectation.#BabyMarvinf9c7火星狗