The use of special debt funds to adjust the special debt funds involved 920 projects far exceeded the same period last year during the 12th place.

Since August, there have been frequent announcements to adjust the use of special bond funds to attract market attention. According to a reporter from the Securities Daily, from August 1st to August 30th, Qingdao, Yunnan, Gansu and other places released 12 places to adjust the use of special bond funds, involving 920 projects, far exceeding the same period last year.

Zhang Yiqun, deputy chairman of the Performance Management Commission of the Chinese Finance Society, told a reporter from the Securities Daily that adjusting the use of special bond funds will help local governments to accelerate investment progress, reasonable adjustment of project funds for project funds, improve the benefits of bond funds, reduce fiscal debt, Reasonable burden, especially in the current background of stable investment and stability.

According to the information disclosed in many places, the reasons for adjusting the use of funds include "the impact of the epidemic, which leads to delay in the construction period, and the bond funds cannot be used before the end of August" "project planning adjustment, funds cannot be expected" The preparation work was not completed in the early stage, restricted by factors such as planning adjustment and design bidding, and cannot be constructed at present. "

Feng Lin, a senior analyst at the Ministry of East Jincheng Research and Development Department, told the reporter of the Securities Daily that the frequent adjustment of the use of special debt funds also reflects two issues: First, the source of local infrastructure funds is relatively tight, and the dependence on special debt funds is high Second, this year's Ministry of Finance requires the addition of new special bonds before the end of August, but some special debt projects cannot be initiated in time due to the inadequate preparation and preparation work. Caused funds to be idle, and also prompted the local "to find another way" for idle funds.

Zhang Yiqun also said that in order to fight for the amount of capital, some places did not conduct scientific demonstrations on project land, planning, design, environmental assessment, repayment, etc., and the project needs to be re -adjusted.

It is worth mentioning that some places will transfer special debt funds to special debt funds in the fields of cultural tourism, ecological and environmental protection, social undertakings, public health and other fields to various infrastructure projects.

For example, according to the adjustment of the use of new special bond funds in Anhui Province in 2022, the 12 project funds in the fields of vocational education, other ecological and environmental projects are adjusted to the railway field; The funding adjustment announcement has adjusted the special debt funds in multiple cultural tourism, medical and health and other fields to the reconstruction of urban old communities and transportation infrastructure.

"In the context of steady growth, the priority of supporting the infrastructure field is supported. Compared with the livelihood projects, special debt funds are invested in infrastructure projects such as agriculture, forestry, water conservancy, transportation, etc., and they can form a physical workload faster and larger. Investment and related consumer activities can also play a stronger role. "Feng Lin said.

Feng Lin said that the progress of the special bond issuance this year has accelerated, and the central government also has requirements for the use of use. In addition, the demand for the steady growth of infrastructure has increased, and the use of special debt funds in many places is also normal to increase investment in the infrastructure field. Objectively, it can also better play the role of special debt stabilizing investment.

Zhang Yiqun said that in general, the active effect of adjusting some special bond project funds will be greater, which will have a more positive effect on accelerating the stock of activation bond funds, avoiding idle funds and waste of funds, and enhancing the economic capabilities.

However, the frequent adjustment of the use of special debt funds also reflects that local planning and management of special debt projects are not in place. Last year, the "Guidelines for Adjustment of Local Government Special Bonds" issued by the Ministry of Finance mentioned that once the special bonds were issued, the use of bond funds should be used in strict accordance with the project use agreed by the issuance information. The procedures are strictly prohibited to adjust the use of special bonds at will, and it is strictly forbidden to misappropriate and then adjust.

Feng Lin said that policies do not encourage frequent adjustments to the use of special debt funds. It is suggested that local governments should fully evaluate the economic and social situation of the next year when submitting special debt projects, and arrange the use of special debt funds reasonably. The project's progress was not as good as expected and triggered idle funds.

Zhang Yiqun suggested that the preliminary design planning of the project should be done to effectively ensure the stability and feasibility of the project; at the same time, strengthen the project management responsibility, and the project adjustment of non -normal factors should be held accountable to prevent blind investment projects.

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