Original title: Special bonds should be used on the edge
It is necessary to do a good job in the preliminary work of the project, consolidate the foundation of the project, strengthen the review and control of the project compliance, feasibility, financing income, etc. when the special bond is issued, try to avoid later adjustment, and truly make no adjustment as the norm and adjustment as an exception . In addition, we must also focus on solving the problem of project capital.
The latest data shows that as of the end of July, a total of 3.47 trillion yuan of new special bonds have been issued in various regions. The quota of special bonds for project construction this year has been basically issued, and the progress is much earlier than in previous years. After the issuance, it is imperative to make good use of the funds raised. Recently, the use of special bond funds has been adjusted in many places, which has attracted widespread attention.
Local government special bonds are an important policy tool for expanding effective investment and stabilizing the macro economy. Since the beginning of this year, the special bond funds have been mainly used for municipal construction and industrial park infrastructure, social undertakings, transportation infrastructure, affordable housing projects, agriculture, forestry and water conservancy and other key areas determined by the Party Central Committee and the State Council, and the effect of stimulating investment is very obvious.
According to the requirement of “funds follow the project”, special bonds must be clearly used when they are issued, corresponding to specific projects. From the practical point of view, there are some reasons such as changes in project implementation conditions during the implementation process, which lead to the inability to use the bond funds in a timely and effective manner. At this time, there is a need to adjust the use of funds and change projects, so as to avoid waste and idle funds.
Obviously, as a financing behavior, once the special bond is issued, the funds raised must be used in strict accordance with the project purpose stipulated in the issuance information disclosure document. If the use needs to be adjusted due to special circumstances, the prescribed procedures should be strictly followed. To this end, the competent authority has made it clear that “no adjustment is the norm and adjustment is the exception.”
Recently, Chongqing, Guizhou, Sichuan, Fujian and many other places have issued announcements to adjust the use of local government bonds, especially special bonds, involving many projects, including projects under construction and projects that have not yet started. For example, the construction project of urban smart parking lot in Guiyang City was adjusted to the supporting infrastructure construction project of Kaiyang New Energy Battery Cathode Material Industrial Park due to the less-than-expected progress of capital expenditure; the second-phase expansion project of Fuzhou Changle International Airport, due to changes in the project implementation process , the capital demand was less than expected, and it was adjusted to the newly built Fuzhou South Station of the Fuzhou-Xiamen Railway and related projects.
Due to objective reasons, adjusting the use of funds and specific projects in a realistic manner is conducive to improving the efficiency of funds and accelerating the use of funds. Funds are used in appropriate projects, especially major projects in key areas are given priority to form a physical workload as soon as possible. , to achieve the goal of “strive to be basically used by the end of August” proposed by the State Council.
It is worth noting that financing must maintain seriousness and stability, and the adjustment of use must be carried out in strict accordance with laws and policies, and compliance with adjustment conditions, procedures, execution management, information disclosure and other regulations. Misappropriation and post-adjustment” to avoid debt and financial risks.
For example, in terms of project adjustment conditions, an adjustment can only be applied for if there are major changes during the implementation of the project, there is no demand for special bond funds or the demand is lower than expected, or after the project is completed, there is a balance of special bond funds. In terms of adjustment procedures, it is necessary to objectively evaluate the expected income and asset value of the project to be adjusted, prepare a financing balance plan, financial evaluation report, and legal opinion for the project to be adjusted, perform procedures such as approval, filing, and budget adjustment, and conduct information disclosure.
Of course, fundamentally speaking, it is necessary to do a good job in the preliminary work of the project, consolidate the foundation of the project, strengthen the review and check on the compliance, feasibility, financing income of the project when the special bond is issued, and try to avoid later adjustments. Adjustment is the norm, adjustment is the exception.
Make good use of special bond funds as soon as possible, but also pay attention to solving the problem of project capital. At present, 300 billion yuan of policy-based development financial instruments are being implemented to supplement the capital of major investment projects. For special bonds that cannot be used as capital in the short term, special bonds can be used as a bridge. With the support of financial instruments, it is possible to promote the project to start construction as soon as possible. Multi-channel “blood transfusion” for projects, infrastructure construction and major projects are expected to accelerate the formation of physical workload.
In addition, local governments should make full use of the special debt limit and make full use of the debt limit space according to the law. Through the simultaneous implementation of multiple macro policies, precise and effective investment will be formed, and the funds will be truly used in the “blade” of key areas identified by the Party Central Committee and the State Council to help stabilize the macroeconomic market. (Zeng Jinhua)
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责编：张慕琛 ]