More than 500 billion yuan of special debt balance limit is clearly invested in the fourth quarter of infrastructure investment is expected to speed up.

How to allocate the balance limit of more than 500 billion yuan of special debt?、The details of investment are gradually clear.。At present，Many places actively plan key projects，Strive for more projects to be included in special debt“Plate”。

The executive meeting of the State Council held in September 7th pointed out.，Infrastructure is related to development and people's livelihood，The investment space is large，We should continue to make good use of special debt to make up for shortcomings.。The meeting decided，Activate the local special debt limit of more than 500 billion yuan since 2019 according to law，70%Retained everywhere，30%The central finance is allocated as a whole and inclined to areas with many mature projects.。All localities should complete the issuance by the end of October.，Priority support for projects under construction，More physical workload will be formed during the year.。

“Make good use of special debt to make up for shortcomings，It means that infrastructure investment will be further accelerated in the fourth quarter.，There is little doubt that the annual growth rate will reach double digits.。”Wang Qing, Chief Macro Analyst of Dongfang Jincheng《Securities Daily》The reporter said，Speeding up infrastructure investment this yearGDPThe pull rate of growth will reach about 1 percentage point.。Depending on economic recovery，Next, there is still room for steady growth policy.，Expected for the third quarter、Economic growth in the fourth quarter will gradually approach the normal growth level.，The fourth quarterGDPYear-on-year growth is expected to reach 5%Left and right。

September 5，Ou Wenhan, Assistant Minister of Finance, said at a regular briefing on State Council policies held by the State Council Information Office.，Balance limit of special debt，It is the part of the special debt balance that is less than the limit.，Mainly in order to control the level of debt risk.，By strengthening the management of fiscal revenue and expenditure，Arrange financial funds to repay special bonds due，Reduce the balance of special debts，Quota space formed accordingly。

Bai Yanfeng, Dean of the School of Finance and Taxation, Central University of Finance and Economics, said in an interview with reporters.，Debt financing is“A double-edged sword”，We should give full play to the inter-temporal adjustment of debt financing time.、Activate the idle funds in the hands of residents and enterprises in space.，Enough is enough，Fully guard against related debt financing risks。This time, more than 500 billion yuan of special debt stock quota was revitalized.，The debt limit is fully guaranteed to be used.“On the blade”，At the same time, it takes into account the financial sustainability requirement of controlling the debt risk within an acceptable range.。

Expert of the Ministry of Finance、Tang Chuan, investment director of 360 government and enterprise security group, told reporters.，At present，Economic stabilization and recovery are still under pressure，The development of infrastructure projects still needs financial and policy support.。The use of the stock special debt quota is conducive to controlling the rhythm of the issuance of special debt in the next year.，That is to say, the new quota will not be issued prematurely next year because of the premature issuance of the quota next year.，Nor will there be no new quota available in recent months because of the limitations of the administrative process.。

Bai Yanfeng said，Generally speaking，Allocation of special debt quota，Between places“Uneven balance of pain and pleasure”。Great potential for economic development、Areas with sufficient project reserve，Often“The project waits for money”；For the less developed areas,，The opposite is often true，Due to the lack of project reserves and other reasons.，Will“Money and other items”。This time, the special debt quota of more than 500 billion yuan was allocated.，On the one hand, the local government retained 350 billion yuan.“Big head”，On the other hand, the remaining 150 billion yuan will be allocated by the central finance as a whole.、Tilt to areas with more mature projects，It also helps the big economic province to shoulder the heavy burden.，Achieve a high degree of unity of the principles of fairness and efficiency among regions.。

Tang Chuan said，“70%Retained everywhere”It is intended to allow local governments to issue new special bonds under their own quotas.，And“30%Overall allocation of central finance”In fact, it is a cross-regional arrangement of quotas.，It is expected that the probability will be to the first-tier cities.、Developed areas in East China、Pearl River Delta，As well as the central cities in the Yangtze River Basin.。

For the above-mentioned key investment of more than 500 billion yuan,，Mr Owenhan said，The general consideration is to issue new special bonds.，Focus on supporting transport infrastructure、Energy、Agriculture, forestry and water conservancy、Ecological environmental protection、Social undertakings、Urban and rural cold chain logistics infrastructure、Municipal and Industrial Park Infrastructure、Major national strategic projects、Affordable housing project，And new energy projects and new infrastructure projects.。

The reporter noticed，At present，Local governments are planning projects to win more special debt fund support.。Such as，September 8，The Standing Committee of the Anqing Municipal People's Congress held a symposium on the management and use of special debts in the whole city，He said that every effort should be made to do a good job in project planning and reserve.，Try every means to strive for more special debt quotas.，Standardize the operation of special debt funds，Plan and reserve with high quality，Increase the rate of project warehousing and strive for more special debt limits.；September 8，Released by Yongcheng City, Henan Province《Yongcheng Special Bond Planning and Reserve Work Implementation Plan》，The aim is to improve the quality of special debt project planning.、Consolidate the development potential，Maximize the support of policy funds，Consolidate the current stable and positive investment trend。

“Promote the formation of physical workload，In addition to issuing bond funds as soon as possible into the project.，Management departments should strengthen performance management and evaluation.，It is also necessary to urge the implementing units to implement the work as soon as possible according to the project implementation plan.。”Tang Chuan said。

Bai Yanfeng said，“Gold Nine Silver Ten”It is the golden window period of project construction.，In accordance with the requirements of building a unified national market.，Smooth logistics distribution throughout the country，To create favorable conditions for these funds to achieve physical workload as soon as possible within the year.。

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