The issuance of new special bonds is accelerating, and fiscal policy is taking the lead to set a good start

This year, the issuance of new special bonds has significantly accelerated. As of March 9, local governments have issued new special bonds totaling 902.38 billion yuan, completing 20.5% of the annual issuance target (calculated based on the 4.4 trillion yuan allocated for local government special bonds this year). Compared to the same period in 2025 (where local governments issued new special bonds totaling 609.76 billion yuan), the issuance scale of new special bonds has increased by 48.0% this year. In terms of fund allocation, since the beginning of this year, the scale of new special bonds directed towards municipal and industrial park infrastructure has reached 487.99 billion yuan, accounting for 54% of the total (902.38 billion yuan), the highest proportion. The allocations for transportation infrastructure, shantytown renovation, and public services have reached 113.91 billion yuan, 85.20 billion yuan, and 50.75 billion yuan, respectively, with proportions of 12.6%, 9.4%, and 5.6%. (Securities Daily)