Expert: It is of great significance to the economic stability and recovery in the second half of the year
Recently, a new batch of new local government bond quotas has been issued in some provinces, and local governments are also gradually announcing the new debt quotas obtained this year.
“The recent release of a new batch of new local bond issuance quotas is not only a continuation of funds for the batch of bonds issued in advance at the end of last year, but also a strong support for future government investment projects.” Zhang Yiqun, deputy director of the Performance Management Committee of the Chinese Society of Finance He told reporters that this is of great significance to the stable recovery of the economy in the second half of the year, the strengthening of growth expectations, and the promotion of social investment.
Since the beginning of this year, local government bonds have been issued early and quickly. According to Wind data, as of May 29, the issuance scale of new local government bonds (including new general bonds and new special bonds) reached 2,210.977 billion yuan; the scale of local government bonds (including general bonds and special bonds) has reached 345.0388 billion 100 million yuan, more than 3 trillion yuan.
Bai Yanfeng, a professor at the School of Finance and Taxation of the Central University of Finance and Economics, said in an interview with a reporter from the Securities Daily that in recent years, my country has always adopted the principle of prudence in the financing of local debts. It is necessary to give full play to the advantages of intertemporal allocation of bond funds and drive social funds to concentrate on major projects. , but also to prevent the risk of debt breeding. The issuance of a new batch of new local debt quotas this year is a comprehensive decision made by relevant state departments in fully assessing local debt risks, fiscal affordability, and social and economic development needs.
“Local bonds have always played a key role in expanding effective investment and supporting rapid growth in infrastructure investment.” Weng Zichi, a senior investment consultant at Jufeng Investment Consulting, said in an interview with reporters that a new batch of new local debt quotas has been issued, and new infrastructure Investment may be moderately advanced and become the starting point for stabilizing investment, which can more quickly accumulate momentum for stabilizing investment and growth in the second half of the year.
According to data from the National Bureau of Statistics, in the first four months of this year, my country’s infrastructure investment increased by 8.5% year-on-year, and the growth rate was 3.8 percentage points higher than that of all fixed asset investment. Among them, the investment in the railway transportation industry increased by 14.0%, the investment in the water conservancy management industry increased by 10.7%, and the investment in the information transmission industry increased by 8.8%.
Zhang Yiqun believes that my country’s economy is currently in a critical period of recovery and development. While the market is in a positive and optimistic state of economic recovery as a whole, it also maintains a cautious attitude. The potential of private investment and social investment has not been fully stimulated. Bonds, an important source of funds, also need to maintain a certain scale and rhythm to support investment growth. Therefore, the issuance of a new batch of new local debt quotas will play an important role in stabilizing the current economic recovery and stabilizing future expectations. (Our reporter Han Yu)
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[Responsible editor: Huang Hairong]