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| Notice by the General Office of the CPC Central Committee and the General Office of the State Council of Effectively Conducting the Issuance of Special Bonds for Local Governments and Ancillary Financing of Projects | | 中共中央办公厅、国务院办公厅印发《关于做好地方政府专项债券发行及项目配套融资工作的通知》 |
| Recently, the General Office of the CPC Central Committee and the General Office of the State Council has issued the Notice of Effectively Conducting the Issuance of Special Bonds for Local Governments and Ancillary Financing of Projects. The full text is as follows: | | 近日，中共中央办公厅、国务院办公厅印发了《关于做好地方政府专项债券发行及项目配套融资工作的通知》。全文如下： |
| For the purposes of implementing the decisions and arrangements of the CPC Central Committee and the State Council, intensifying countercyclical regulation, better using the role of special bonds for the local government (hereinafter referred to as the “special bonds”), focusing on the efforts to strengthen the support to key areas and weak links, increasing effective investment, optimizing economic structure, stabilizing aggregate demand and maintaining sustained and sound economic development, with the approval of the leaders of the CPC Central Committee, the relevant matters are hereby announced as follows: | | 为贯彻落实党中央、国务院决策部署，加大逆周期调节力度，更好发挥地方政府专项债券（以下简称专项债券）的重要作用，着力加大对重点领域和薄弱环节的支持力度，增加有效投资、优化经济结构、稳定总需求，保持经济持续健康发展，经中央领导同志同意，现就有关事项通知如下。 |
| I General requirements and basic principles | | 一、总体要求和基本原则 |
| 1. General requirements. The Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era shall be taken as a guide, and the guiding principles of the 19th CPC National Congress and the Second and Third Plenary Sessions of the 19th CPC Central Committee as well as the decisions and arrangements of the CPC Central Committee and the State Council shall be fully implemented to prevent and defuse major risks. The supply-side structural reform and structural de-leveraging shall be firmly adhered to. The local government debt financing mechanism shall be further improved according to the requirements of firmness, controllability, orderliness, and appropriateness to advance the reform for the administration of special bonds. On the basis of substantially increasing the size of special bonds, efforts shall be made to strengthen macro policy coordination and cooperation and maintain reasonable and sufficient market liquidity, and effectively conduct issuance of special bonds and ancillary financing of projects to ensure that the economy operates within an appropriate range. | | （一）总体要求。以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中全会精神，认真落实党中央、国务院决策部署，坚决打好防范化解重大风险攻坚战。坚持以供给侧结构性改革为主线不动摇，坚持结构性去杠杆的基本思路，按照坚定、可控、有序、适度要求，进一步健全地方政府举债融资机制，推进专项债券管理改革，在较大幅度增加专项债券规模基础上，加强宏观政策协调配合，保持市场流动性合理充裕，做好专项债券发行及项目配套融资工作，促进经济运行在合理区间。 |
| 2. Basic principles | | （二）基本原则 |
| —Adhering to the combination of dredging and blocking. The method of reform shall be adopted to solve the contradictions and problems during the course of development and coordinate “opening wider the front door” and “strictly blocking the back door”. The increment of hidden debts shall be curbed, and the disorderly debt financing shall not be resolutely made for development. At the same time, efforts shall be made to increase the intensity of countercyclical regulation, clarify the boundary between government and market, encourage market-based financing in accordance with laws and regulations, increase effective investment, promote a virtuous macroeconomic cycle, and improve the quality and sustainability of economic and social development. | | --坚持疏堵结合。坚持用改革的办法解决发展中的矛盾和问题，把“开大前门”和“严堵后门”协调起来，在严控地方政府隐性债务（以下简称隐性债务）、坚决遏制隐性债务增量、坚决不走无序举债搞建设之路的同时，加大逆周期调节力度，厘清政府和市场边界，鼓励依法依规市场化融资，增加有效投资，促进宏观经济良性循环，提升经济社会发展质量和可持续性。 |
| —Adhering to cooperation and coordination. A combination of policies shall be implemented in a scientific way to strengthen coordination among fiscal, monetary and investment policies. The efficiency of proactive fiscal policies shall be improved to maximize the role of special bonds. Support shall be provided to major public welfare projects that have certain returns but are difficult to obtain commercially compliant financing (hereinafter referred to as “major projects”). The prudent monetary policy shall be moderately implemented to coordinate the issuance of special bonds and the ancillary financing of projects. Financial institutions shall be directed to strengthen financial services and legally ensure the reasonable financing needs of major projects under the principle of commercialization. | | --坚持协同配合。科学实施政策“组合拳”，加强财政、货币、投资等政策协同配合。积极的财政政策要加力提效，充分发挥专项债券作用，支持有一定收益但难以商业化合规融资的重大公益性项目（以下简称重大项目）。稳健的货币政策要松紧适度，配合做好专项债券发行及项目配套融资，引导金融机构加强金融服务，按商业化原则依法合规保障重大项目合理融资需求。 |
| —Adhering to highlight priorities. Efforts shall be made to ensure special-bond projects are properly selected. Funds shall be pooled to support the on-going projects, bolster areas of weakness and drive the expanded consumption. Priority shall be given to the follow-up financing of necessary projects under construction to form the physical workload as soon as possible and prevent projects from being stopped halfway. | | --坚持突出重点。切实选准选好专项债券项目，集中资金支持重大在建工程建设和补短板并带动扩大消费，优先解决必要在建项目后续融资，尽快形成实物工作量，防止形成“半拉子”工程。 |
| —Adhering to risk prevention and control. The current situation shall be always understood from the perspective of long-term trends. High-quality development shall be promoted, and debt financing shall be matched with solvency. Special bonds must be used for major projects with a certain amount of revenue, and the financial size shall be balanced with project benefits. The local government shall strengthen the risk prevention and control of special bonds and project management, whereas financial institutions shall conduct independent approval and make prudent decisions under the principle of commercialization to resolutely prevent and control risks. | | --坚持防控风险。始终从长期大势认识当前形势，坚持推动高质量发展，坚持举债要同偿债能力相匹配。专项债券必须用于有一定收益的重大项目，融资规模要保持与项目收益相平衡。地方政府加强专项债券风险防控和项目管理，金融机构按商业化原则独立审批、审慎决策，坚决防控风险。 |
| —Adhering to stabilizing expectations. Efforts shall be made not only to strengthen counter-cyclical regulation of macro policies and actively pre-adjust and fine-tune them but also to seek progress while maintaining stability in order to accurately grasp the appropriateness of macroeconomic regulation and stabilize and boost market expectations. Rather than carry out indiscriminate reform, the reform towards structural de-leveraging shall be adhered to. Those who launch new projects or conduct expansion through hidden debt financing shall be held accountable on a resolute, lifelong and retroactive basis. | | --坚持稳定预期。既要强化宏观政策逆周期调节，主动预调微调，也要坚持稳中求进工作总基调，精准把握宏观调控的度，稳定和提振市场预期。必须坚持结构性去杠杆的改革方向，坚决不搞“大水漫灌”。对举借隐性债务上新项目、铺新摊子的要坚决问责、终身问责、倒查责任。 |
| II. Supporting the funding for special-bond projects | | 二、支持做好专项债券项目融资工作 |
| (1) Reasonably defining the standards for financial support for special-bond projects. The driving role of special bonds and the advantages of financial institutions in market-based financing shall be used to legally advance the construction of major projects backed by special bonds. Major projects with no revenue shall be supported by coordinating budgetary funds and general bonds from local governments. Where a major project generates a certain amount of income and all the income is from the government-managed funds, local governments shall issue special bonds to finance it. Where a major project generates income, which includes the revenue from government-managed funds as well as other operating income (hereinafter referred to as the special income, including traffic fare income) and there is a special residual income after the repayment of the principal and interest of special debt bonds, the relevant project entities with a status of corporate legal person (hereinafter referred to as project entities) shall conduct market-based financing to financial institutions according to the surplus special income. | | （一）合理明确金融支持专项债券项目标准。发挥专项债券带动作用和金融机构市场化融资优势，依法合规推进专项债券支持的重大项目建设。对没有收益的重大项目，通过统筹财政预算资金和地方政府一般债券予以支持。对有一定收益且收益全部属于政府性基金收入的重大项目，由地方政府发行专项债券融资；收益兼有政府性基金收入和其他经营性专项收入（以下简称专项收入，包括交通票款收入等），且偿还专项债券本息后仍有剩余专项收入的重大项目，可以由有关企业法人项目单位（以下简称项目单位）根据剩余专项收入情况向金融机构市场化融资。 |
| (2) Accurately focusing on key areas and major projects. Local governments and financial institutions shall be encouraged to legally use special bonds and other market-based financing methods to support the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze River Economic Belt and the “Belt and Road” Initiative, the building of the Guangdong-Hong Kong-Macao Greater Bay Area and the integrated development of the Yangtze River Delta region, and advance an across-the-board reform and opening up in Hainan and other major strategies and rural revitalization strategies. Moreover, they shall be encouraged to promote low-income housing projects (e.g. shantytowns renovation), follow-up support for poverty relief relocation, the building of the natural disaster prevention and control system, and the construction of railways, toll roads, airports, water conservancy projects, eco-environment protection, health care, public utilities (such as the supply of water, electricity, gas and heat), urban infrastructure, agricultural and rural infrastructure as well as other eligible projects included in the 13th Five-Year Plan. | | （二）精准聚焦重点领域和重大项目。鼓励地方政府和金融机构依法合规使用专项债券和其他市场化融资方式，重点支持京津冀协同发展、长江经济带发展、“一带一路”建设、粤港澳大湾区建设、长三角区域一体化发展、推进海南全面深化改革开放等重大战略和乡村振兴战略，以及推进棚户区改造等保障性安居工程、易地扶贫搬迁后续扶持、自然灾害防治体系建设、铁路、收费公路、机场、水利工程、生态环保、医疗健康、水电气热等公用事业、城镇基础设施、农业农村基础设施等领域以及其他纳入“十三五”规划符合条件的重大项目建设。 |
| (3) Actively encouraging financial institutions to provide ancillary financing support. For projects that are managed as enterprises, banking institutions shall be encouraged and guided to support special-bond projects that meet the standards in the form of project loans. Insurance institutions shall be encouraged to provide financing support for medium and long-term special-bond projects that meet the standards. Project entities are allowed to issue corporate credit bonds and support special-bond projects that meet the standards. | | （三）积极鼓励金融机构提供配套融资支持。对于实行企业化经营管理的项目，鼓励和引导银行机构以项目贷款等方式支持符合标准的专项债券项目。鼓励保险机构为符合标准的中长期限专项债券项目提供融资支持。允许项目单位发行公司信用类债券，支持符合标准的专项债券项目。 |
| (4) Allowing special bonds to be used as capital funds for eligible major projects. For special bonds-backed major projects that are in line with major decisions and arrangements of the CPC Central Committee and have greater demonstration and driving effects, especially those involving state-supported railways, national highways, and local highways and supply of electricity and gas promoting national major strategies, if special income is qualified for financing after evaluating whether the project income repays the principal and interest of special bonds, some special bonds shall be allowed as a certain proportion of capital funds for projects, but not exceed the actual level of the project income, which could lead to excessive financing. The local government shall strictly apply special bonds to real government-invested projects under the principle of one‐to‐one correspondence, and shall not use special bonds as a source of funds for government investment funds, industrial investment funds and other equity funds or inject capital by setting up shell companies, multi-level subsidiaries and other intermediate links so as to avoid level-by-level overlapping and level-by-level leverage amplification. | | （四）允许将专项债券作为符合条件的重大项目资本金。对于专项债券支持、符合中央重大决策部署、具有较大示范带动效应的重大项目，主要是国家重点支持的铁路、国家高速公路和支持推进国家重大战略的地方高速公路、供电、供气项目，在评估项目收益偿还专项债券本息后专项收入具备融资条件的，允许将部分专项债券作为一定比例的项目资本金，但不得超越项目收益实际水平过度融资。地方政府要按照一一对应原则，将专项债券严格落实到实体政府投资项目，不得将专项债券作为政府投资基金、产业投资基金等各类股权基金的资金来源，不得通过设立壳公司、多级子公司等中间环节注资，避免层层嵌套、层层放大杠杆。 |
| ．．．．．． | | ．．．．．． |
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