Multiple regions have disclosed progress on the "clearing of arrears" related to special bonds, with over 55 billion yuan earmarked specifically for repaying outstanding debts.

As the Ministry of Finance issued earlier... 2025 The annual ceiling for newly added local government debt is allocated to various regions. After local governments have determined their annual borrowing limits, they can proceed with borrowing. 5 Since the latter half of the month, budgets have been adjusted one after another. Unlike mid-year budget adjustments in previous years, this year governments in many regions have, for the first time in their budget adjustment plans, disclosed that special bonds will be used to finance... “ Resolve overdue payments to enterprises. ” (hereinafter referred to as “ Clear outstanding debts ” )’s progress. According to incomplete statistics, as of 6 Moon 17 Day, local governments separately list the funds allocated for “ Clear outstanding debts ” The total quota of special bonds 556 100 million yuan, the uses of special bond funds include: “ Clear outstanding debts ” The scale is approximately 1465 100 million yuan.

Although the issuance of replacement bonds for the year is nearing completion, preventing and resolving government debt risks remains a key priority for local governments in the second half of the year. Localities have made it clear that they will continue to leverage the multiple benefits of special-purpose bonds—including boosting investment, stabilizing the property market, clearing outstanding payments, promoting income growth, safeguarding people’s livelihoods, and mitigating risks.

First local disclosure “ Clear outstanding debts ” Special bond quota

Recently, local governments have successively disclosed provincial budget adjustment plans. Some localities not only increased the special-debt limits but also, for the first time, disclosed the full-year allocations specifically earmarked for... “ Clear outstanding debts ” The specific amount of the special bonds.

Standing Committee of the People's Congress of Yunnan Province 5 Moon 28 Approved on the day 2025 The annual adjustment plan for the provincial-level special fiscal budget shows that, after the increase in the allocated amount, the total amount of special bonds used throughout the year to supplement the financial resources of government funds will be: 369 100 million yuan, for “ Clear outstanding debts ” The credit limit is 356 100 million yuan. In 5 Moon 29 Hunan Province approved by the day 2025 In the annual provincial budget adjustment plan, after the increase in the allocated amount, there is... 415 The special bonds worth hundreds of millions of yuan are used to replenish the financial resources of government funds. 200 The billion-yuan quota is used for “ Clear outstanding debts ” The fiscal budget adjustment plan for the Guangxi Zhuang Autonomous Region, approved on the same day, clearly states that this year’s newly added debt ceiling totals... 495 hundred million yuan, partly used for “ Clear outstanding debts ”。

Since the implementation of the comprehensive debt-restructuring measures, the fiscal system has, by coordinating existing funds and special bonds, supported local governments in stepping up their efforts. “ Clear outstanding debts ” Intensity. Over the past year, many regions have disclosed that special bonds have been used to support local areas. “ Clear outstanding debts ” For example, last year, Xianyang City in Shaanxi Province coordinated funds from existing reserves, special bonds, and general bonds. 16.2 100 million yuan—intensify efforts to repay corporate debts and ensure that all undisputed outstanding payments at all levels across the city are fully cleared.

At that time, the prevailing view was that special bonds were used for... “ Clear outstanding debts ” The primary approach is to indirectly support local governments by replenishing the financial resources of government-funded funds. “ Clear outstanding debts ”。 Since 2024 Starting this year, the Ministry of Finance has explicitly allocated special bonds annually for five consecutive years to replenish the financial resources of government funds, thereby supporting local governments in addressing and mitigating existing debt risks. “ Clear outstanding debts ” Wait 。

However, in the recent budget adjustment plans of some provinces, in addition to special bonds used to supplement the financial resources of government funds, a portion of these special bonds has been singled out and explicitly designated for use solely for... “ Clear outstanding debts ” Wang Feng, a lecturer at the Institute of Chinese Public Finance at Shanghai University of Finance and Economics, believes that the revenues generated by special-purpose bond projects can also be used to settle accounts payable. By optimizing fund allocation, strengthening project oversight, and expanding revenue-generating channels, local governments can enhance the efficiency of project fund utilization and improve overall project effectiveness, allowing them to allocate part of the project revenues to... “ Clear outstanding debts ”。

Financial support “ Clear outstanding debts ” The intensity continues to increase.

In recent years, the management mechanisms for local government special bonds have continued to be optimized, and the fiscal system has been constantly working to better support these special bonds. “ Clear outstanding debts ” Pave the way.

Last year 12 In the month, the General Office of the State Council issued the “Opinions on Optimizing and Improving the Management Mechanism for Special Bonds Issued by Local Governments,” which broadens the sources of funds for repaying special bonds and ensures that these bonds are repaid on time. For special bonds backed by government fund revenues and project-specific revenues that face difficulties in repaying principal and interest, local governments are permitted—within the bounds of the law—to allocate fiscal subsidy funds for special bond projects on a yearly basis, as well as to mobilize other project-specific revenues, funds from project entities, and budgetary revenues from government funds to facilitate repayment. At the same time, localities with appropriate conditions are encouraged to establish a reserve fund system for repaying special bonds.

Lu Zhengwei, chief economist at Industrial Bank, stated that this means special-purpose bonds are shifting from being balanced within individual projects to being balanced across multiple projects, across different budget accounts within government fund budgets, and across regions within a province. If reserve funds and fiscal subsidy funds come from the general public budget or other sources, it will even be possible to achieve cross-accountbook balancing.

Over the past two years, financial resources have been indirectly channeled through supplementary government funds to support local debt resolution and the construction of existing projects. “ Clear outstanding debts ” From the relaxation of funding sources for special bonds and the broadening of their investment areas by the end of last year, to the government work report’s first mention earlier this year that special bonds can be used for... “ Addressing local governments' arrears in payments to enterprises ” Financial support “ Clear outstanding debts ” The intensity continues to increase.

Recently, local budget adjustment plans have been successively announced, specifically earmarked for... “ Clear outstanding debts ” The special debt quota, according to Zhongchengxin’s analysis, marks the special bonds proposed in the Government Work Report. “ Clear outstanding debts ” Now officially entering the implementation phase, localities have strengthened the standardization and transparency of fund usage by obtaining budget adjustments approved through provincial-level people's congresses and publicly disclosing the intended uses of funds. This has curbed arbitrary payment delays by local governments, compelling them to establish long-term repayment mechanisms and prevent the emergence of new arrears. At the same time, it also helps optimize the business environment and boost business confidence.

In the second half of the year, continue to strengthen the prevention and control of government debt risks.

Currently, the issuance scale of swap bonds used this year to resolve existing implicit debt has exceeded... 1.6 Trillions of yuan—issuance is gradually entering its final stage. Judging from budget adjustment plans across various regions, provinces will continue to strengthen their efforts to guard against government debt risks in the second half of the year, including further enhancing measures to... “ Clear outstanding debts ” Work.

“ The work of local debt resolution covers an extremely broad scope, including—but not limited to—transforming investment and financing platforms, clearing government arrears for project payments, and addressing existing stock of debts. PPP A series of tasks, including project expenditure responsibilities, will continue to be advanced steadily. ” Wen Laicheng, a professor at the School of Finance and Taxation of the Central University of Finance and Economics, told reporters.

The budget adjustment plan for Hunan Province indicates that it will intensify financial and accounting oversight, make full and effective use of policy flexibility, and leverage the multiple benefits of special bonds and transfer payments in expanding investment, stabilizing the property market, clearing outstanding debts, boosting income growth, safeguarding people’s livelihoods, and preventing risks. The budget adjustment plan for Sichuan Province clearly states that it will make good use of the comprehensive debt-reduction support policies, mobilize funds from multiple sources, and provide strong support for resolving debt issues. It will implement negative-list management for implicit debt, rigorously review financing plans of platform companies, and resolutely crack down on any illegal or non-compliant new borrowing and financing activities. The province will also step up efforts to swap platform debt, vigorously promote the exchange of non-standard debt, and firmly prevent debt defaults from escalating into systemic crises.

The Yunnan Provincial Finance and Economic Commission recommends that, going forward, general debt and special-purpose debt for project construction should be prioritized to address outstanding issues in ongoing and resumed projects, thereby preventing the emergence of... “ Half-baked ” The project will also strengthen the penetrating supervision of bond funds, optimize the debt structure through debt swaps, and ensure the completion of the annual task of resolving implicit debt.