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"Hu Xiangcheng Works Exhibition - Shura and our times" opens in Sanya
As an international artist who has long paid attention to social and ecological issues, Mr. Hu Xiangcheng saw the hope of marine garbage disposal when he paid attention to the news that Hainan banned disposable plastics and comprehensively promoted degradable materials. The limit of growth left a deep impression on Mr. Hu Xiangcheng in his youth. How to present his thoughts on society in an artistic way made him strongly feel the social mission and responsibility that artists should have. Geo...
Dajiang comes from the UAV and flies into the UAV
The picture is from canva, which can be drawn At present, both UAV companies and UAV service companies have more or less limited their ideas to the framework of “UAV”. However, Dajiang’s dominance in the consumer UAV market forces other UAV enterprises to find a way to avoid Dajiang. Industry class UAV is undoubtedly one of the breakthrough points, and plant protection UAV is the most promising direction in the application of industry-class UAV, accounting for 42% of all industry-class UAV ma...
Bilingual hot spot: what is the brain thinking when dying? The study was the first to record neural …
Recently, the tragedy of an accidental death made scientists inadvertently record the brain activity in the process of human death for the first time. The latest study points out that the brain at the time of death is more active than we expected, and may even look back on a lifetime. A replay of life: What happens in our brain when we die? Imagine reliving your entire life in the space of seconds. Like a flash of lightning, you are outside of your body, watching memorable moments you lived t...
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Since this year, local bonds have shown the characteristics of “early issuance and quick use”.
Among them, some provinces have completed the issuance of special bonds approved in advance. Taking into account the requirements of moderately advanced policy development, the remaining amount of 700 billion Yuan approved in advance in 2022 is expected to be issued by the end of March.
Fast release progress
Last December, the Ministry of Finance issued in advance the new local government debt limit of 1788 billion yuan in 2022, including 328 billion yuan of general debt limit and 1460 billion yuan of special debt limit.
“Why should we issue special bonds in advance? It is mainly considered that special bonds of local governments are an important tool of active fiscal policy, and the pace of issuance should be reasonably controlled according to the economic situation and the needs of macro-control. At present, China’s economy is facing new downward pressure, which requires the fiscal policy to move forward appropriately, issue the amount of special bonds in advance, and speed up the issuance and use of special bonds Degree is mainly to play a stimulating role in effective investment as soon as possible. “ Vice Minister of Finance Xu Hongcai said at a press conference of the state information office on February 22.
In terms of issuance progress, the scale of new local bonds in January and February this year was 583.7 billion and 493.9 billion respectively. A total of 1.07 trillion yuan was issued from January to February, completing 60.3% of the amount approved in advance. Among them, the issuance of new general bonds was RMB 20.1 billion, and 61% of the amount approved in advance was completed; 877.5 billion new special bonds were issued, 60.1% of the amount approved in advance.
Among them, the amount of special debt is relatively large, and its large-scale issuance and use have played an important role in stabilizing investment and economy. “Special bonds are rich in varieties and can be used as capital for major projects. They are not controlled by the deficit rate and have low cost. At present, special bonds have increasingly become the pillar of government bonds and the starting point of steady growth.” The director of the Finance Bureau of a city in the Yangtze River Delta said.
In terms of vertical comparison, the issuance progress of special bonds is much higher than that in the same period last year, second only to 2020, indicating the pre force of fiscal policy.
“We have been informed that the issuance before the first quarter is not limited by the issuance quota, and can be issued after meeting the feasibility study approval. The issuance after the first quarter will be strictly reviewed and limited by the local issuance quota. Therefore, we issued more in the first quarter.” A person from the development and Reform Commission of a province in Central China said.
It is worth noting that the issuance of special bonds approved in advance in some provinces has been closed. Sichuan Province approved 91.4 billion yuan of new special bonds in advance, issued 37.7 billion yuan in January and 53.7 billion yuan on February 18. All the special bonds approved in advance have been issued.
“The early issuance of bonds means that the funds are in place in advance to avoid the situation of projects and other funds, which can fully meet the construction capital demand of key projects in the first quarter, stimulate effective investment and form more physical workload.” The relevant person in charge of Sichuan Provincial Department of Finance said.
In September last year, the province started the project reserve work of bond project application, warehousing, screening and evaluation in 2022, so as to ensure that the project reserve in the first quarter of this year is more mature and sufficient. When determining the wholesale bank projects in advance, give priority to the projects under construction and projects to be started, and fully arrange the capital needs of qualified provincial and municipal key projects in the first quarter of 2022.
The remaining amount is expected to be issued by the end of March
In terms of the investment direction of special bonds, Xu Hongcai said at the press conference of the state information office that the special bond quota of 1.46 trillion yuan was issued to the local government. In January, the local government has organized the issuance of 484.4 billion yuan of new special bonds, accounting for 33.2% of the quota issued in advance, basically accounting for 1 / 3. Among them, 30% is used for infrastructure construction in municipal and industrial parks, 20% for transportation infrastructure construction, and 20% for social undertakings such as education, health and pension.
According to the data of the previous two months, the investment of special bonds from January to February is similar to that in January, that is, about 50% is invested in infrastructure. In addition, in order to enhance the stimulating effect of special bonds on investment and reduce the capital pressure of local governments, the general office of the CPC Central Committee and the general office of the State Council issued the notice on doing a good job in the issuance of special bonds of local governments and supporting financing of projects in June 2019, which clearly allows special bonds to be used as qualified capital for major projects. According to the regulatory requirements, this year, taking the province as the unit, the scale of special bond funds used for project capital still accounts for about 25% of the scale of special bonds in the province.
According to the statistics of GF fixed income, from January 1 to February 25, 2022, there were 74 special bonds for capital, with a total capital of 90.6 billion yuan, accounting for 11% of the issuance scale of new special bonds. From the project level, 284 projects with special bonds as capital from January 1 to February 25, involving a total investment of 2182.2 billion yuan.
According to this statistics, the proportion of special debt as capital is still far from the upper limit. “The requirements for projects using special bonds as capital are relatively high, so there are relatively few qualified projects. Such projects are mainly large infrastructure projects such as railways and rail transit.” A person from the debt Office of a city in Jiangsu and Zhejiang said.
According to relevant documents, special bonds are used as capital projects, mainly in the fields of Railways and national expressways supported by the state and local expressways, power supply and gas supply projects supporting the promotion of major national strategies, and there is still special income after repaying the principal and interest of special bonds.
The aforementioned person from Jiangsu and Zhejiang prefectural and municipal debt office said that when special bonds are used for project capital, most of them will form a model of “special bonds + market-oriented financing”. This means that the project income needs to include both government fund income and special income. At the same time, the project income should be managed separately, which is troublesome in practical operation. “The income of such projects is not bad. It’s not a big problem to package them a little and directly raise funds through the market. Why raise funds through special bonds + loans? The working cycle is too long.”
After “issuing” 1.07 trillion yuan, the amount of local debt approved in advance in 2022 remains 700 billion yuan. Taking into account the requirements of moderate policy development, the remaining amount of 700 billion approved in advance in 2022 is expected to be issued by the end of March, and some provinces also put forward clear requirements.
The “several policies and measures for expanding effective investment and stabilizing economic development in Shanghai in 2022” issued by Shanghai put forward to speed up the issuance and use of special bonds, ensure the completion of the issuance of special bonds of local governments in 2022 issued by the Ministry of Finance in advance in the first quarter, and allocate them to the project units in time according to the progress
Since this year, local bonds have shown the characteristics of “early issuance and quick use”.
Among them, some provinces have completed the issuance of special bonds approved in advance. Taking into account the requirements of moderately advanced policy development, the remaining amount of 700 billion Yuan approved in advance in 2022 is expected to be issued by the end of March.
Fast release progress
Last December, the Ministry of Finance issued in advance the new local government debt limit of 1788 billion yuan in 2022, including 328 billion yuan of general debt limit and 1460 billion yuan of special debt limit.
“Why should we issue special bonds in advance? It is mainly considered that special bonds of local governments are an important tool of active fiscal policy, and the pace of issuance should be reasonably controlled according to the economic situation and the needs of macro-control. At present, China’s economy is facing new downward pressure, which requires the fiscal policy to move forward appropriately, issue the amount of special bonds in advance, and speed up the issuance and use of special bonds Degree is mainly to play a stimulating role in effective investment as soon as possible. “ Vice Minister of Finance Xu Hongcai said at a press conference of the state information office on February 22.
In terms of issuance progress, the scale of new local bonds in January and February this year was 583.7 billion and 493.9 billion respectively. A total of 1.07 trillion yuan was issued from January to February, completing 60.3% of the amount approved in advance. Among them, the issuance of new general bonds was RMB 20.1 billion, and 61% of the amount approved in advance was completed; 877.5 billion new special bonds were issued, 60.1% of the amount approved in advance.
Among them, the amount of special debt is relatively large, and its large-scale issuance and use have played an important role in stabilizing investment and economy. “Special bonds are rich in varieties and can be used as capital for major projects. They are not controlled by the deficit rate and have low cost. At present, special bonds have increasingly become the pillar of government bonds and the starting point of steady growth.” The director of the Finance Bureau of a city in the Yangtze River Delta said.
In terms of vertical comparison, the issuance progress of special bonds is much higher than that in the same period last year, second only to 2020, indicating the pre force of fiscal policy.
“We have been informed that the issuance before the first quarter is not limited by the issuance quota, and can be issued after meeting the feasibility study approval. The issuance after the first quarter will be strictly reviewed and limited by the local issuance quota. Therefore, we issued more in the first quarter.” A person from the development and Reform Commission of a province in Central China said.
It is worth noting that the issuance of special bonds approved in advance in some provinces has been closed. Sichuan Province approved 91.4 billion yuan of new special bonds in advance, issued 37.7 billion yuan in January and 53.7 billion yuan on February 18. All the special bonds approved in advance have been issued.
“The early issuance of bonds means that the funds are in place in advance to avoid the situation of projects and other funds, which can fully meet the construction capital demand of key projects in the first quarter, stimulate effective investment and form more physical workload.” The relevant person in charge of Sichuan Provincial Department of Finance said.
In September last year, the province started the project reserve work of bond project application, warehousing, screening and evaluation in 2022, so as to ensure that the project reserve in the first quarter of this year is more mature and sufficient. When determining the wholesale bank projects in advance, give priority to the projects under construction and projects to be started, and fully arrange the capital needs of qualified provincial and municipal key projects in the first quarter of 2022.
The remaining amount is expected to be issued by the end of March
In terms of the investment direction of special bonds, Xu Hongcai said at the press conference of the state information office that the special bond quota of 1.46 trillion yuan was issued to the local government. In January, the local government has organized the issuance of 484.4 billion yuan of new special bonds, accounting for 33.2% of the quota issued in advance, basically accounting for 1 / 3. Among them, 30% is used for infrastructure construction in municipal and industrial parks, 20% for transportation infrastructure construction, and 20% for social undertakings such as education, health and pension.
According to the data of the previous two months, the investment of special bonds from January to February is similar to that in January, that is, about 50% is invested in infrastructure. In addition, in order to enhance the stimulating effect of special bonds on investment and reduce the capital pressure of local governments, the general office of the CPC Central Committee and the general office of the State Council issued the notice on doing a good job in the issuance of special bonds of local governments and supporting financing of projects in June 2019, which clearly allows special bonds to be used as qualified capital for major projects. According to the regulatory requirements, this year, taking the province as the unit, the scale of special bond funds used for project capital still accounts for about 25% of the scale of special bonds in the province.
According to the statistics of GF fixed income, from January 1 to February 25, 2022, there were 74 special bonds for capital, with a total capital of 90.6 billion yuan, accounting for 11% of the issuance scale of new special bonds. From the project level, 284 projects with special bonds as capital from January 1 to February 25, involving a total investment of 2182.2 billion yuan.
According to this statistics, the proportion of special debt as capital is still far from the upper limit. “The requirements for projects using special bonds as capital are relatively high, so there are relatively few qualified projects. Such projects are mainly large infrastructure projects such as railways and rail transit.” A person from the debt Office of a city in Jiangsu and Zhejiang said.
According to relevant documents, special bonds are used as capital projects, mainly in the fields of Railways and national expressways supported by the state and local expressways, power supply and gas supply projects supporting the promotion of major national strategies, and there is still special income after repaying the principal and interest of special bonds.
The aforementioned person from Jiangsu and Zhejiang prefectural and municipal debt office said that when special bonds are used for project capital, most of them will form a model of “special bonds + market-oriented financing”. This means that the project income needs to include both government fund income and special income. At the same time, the project income should be managed separately, which is troublesome in practical operation. “The income of such projects is not bad. It’s not a big problem to package them a little and directly raise funds through the market. Why raise funds through special bonds + loans? The working cycle is too long.”
After “issuing” 1.07 trillion yuan, the amount of local debt approved in advance in 2022 remains 700 billion yuan. Taking into account the requirements of moderate policy development, the remaining amount of 700 billion approved in advance in 2022 is expected to be issued by the end of March, and some provinces also put forward clear requirements.
The “several policies and measures for expanding effective investment and stabilizing economic development in Shanghai in 2022” issued by Shanghai put forward to speed up the issuance and use of special bonds, ensure the completion of the issuance of special bonds of local governments in 2022 issued by the Ministry of Finance in advance in the first quarter, and allocate them to the project units in time according to the progress
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