The issuance of special bonds is accelerating. According to Wind data, as of September 8th, the total scale of newly issued special bonds in various regions this year has reached 3382.2 billion yuan, surpassing the 3.3 trillion yuan mark. This year, China has arranged 4.4 trillion yuan of special bonds for local governments. Based on this calculation, the current progress of issuing new special bonds has reached 76.9%. From January 1, 2024 to September 8, 2024, various regions issued new special bonds worth 257.14 billion yuan, which is an increase of 810.8 billion yuan compared to the same period this year. On a quarterly basis, various regions issued 960.2 billion yuan in the first quarter, 1200.4 billion yuan in the second quarter, and 1221.6 billion yuan since the third quarter. Since the third quarter, the progress of issuing new special bonds has significantly accelerated, with a more concentrated pace. ”Zhu Hualei, Senior Investment Advisor of Shaanxi Jufeng Investment Information Co., Ltd., stated in an interview with reporters that as of September 8th, the scale of special bonds issued in the third quarter has exceeded the overall scale of the second quarter, and the third quarter has not yet ended, which is expected to become the quarter with the highest issuance volume. Song Xiangqing, Vice President of the China Society of Business Economics, told reporters that since the third quarter, the progress of new special bond issuances in various regions has been accelerating. Not only has the issuance scale reached a new quarterly high, but from the perspective of issuance rhythm, the monthly issuance has shown a trend of "high in the front and stable in the back", and the efficiency of fund allocation has significantly improved. On a monthly basis, approximately 616.9 billion yuan of new special bonds were issued in July; In August, various regions issued approximately 486.5 billion yuan of new special bonds, second only to June's 527.1 billion yuan. In fact, since May, the monthly issuance of new special bonds has exceeded 400 billion yuan, and the overall issuance pace has significantly accelerated. Special bonds are one of the most direct and effective policy tools for the government to stimulate investment. ”Zhu Hualei stated that the accelerated issuance and use of new special bonds provide financial support for related projects, further promote the acceleration of infrastructure construction, and play an important role in stabilizing the macro economy. The issuance of special bonds needs to match the progress of the project, and considering the efficiency of the use of fiscal funds within the year, it is expected to be centrally issued in September and October. The reporter noticed that while the issuance pace is accelerating, there are also new developments in the investment direction of special bonds. Among them, many regions are exploring investing special bonds in government investment funds. For example, on August 29th, Shanghai completed the bidding process for the 2025 Shanghai Municipal Government Special Bonds (23rd issue), which will be used for the Shanghai Future Industry Fund with an issuance scale of 5 billion yuan and an issuance period of 15 years. On August 6th, the Jiangsu Provincial Department of Finance disclosed the "Draft Plan for Local Government Debt Limits and Provincial Budget Adjustment in Jiangsu Province in 2025", which shows that the provincial finance will allocate 9 billion yuan of special bond funds to inject into government investment funds for venture capital. Wen Bin, Chief Economist of Minsheng Bank, believes that the issuance of special bonds for government investment funds in multiple regions in August has increased support for technological innovation and future industries, reflecting a structural change in the use of special bonds, accelerating their extension from traditional infrastructure investment to multiple fields such as public services, industrial upgrading, and debt resolution. As one of the core tools of fiscal policy, special bonds play an irreplaceable role in stabilizing growth, adjusting structure, and preventing risks. ”Song Xiangqing stated that the accelerated issuance and investment optimization since the third quarter not only reflects the flexibility and foresight of policies, but also injects strong momentum into high-quality economic development. In the future, it is necessary to strike a balance between precise investment, efficiency improvement, and risk prevention and control, and continuously release the multiplier effect of special bonds through mechanism innovation and policy coordination. (New Society)