Newly added special bonds are an important support for the growth of infrastructure investment. Wind data shows that as of March 21, 2023, the scale of local bonds issued and planned to be issued in the first quarter reached 1.885696 billion yuan, with an average monthly issuance of about 600 billion yuan Among them, the scale of new special bonds has exceeded one trillion yuan, and the characteristics of early and fast issuance are obvious, which will strongly support the expansion of investment and stabilize the economy.

According to the "Report on the Implementation of Central and Local Budgets in 2022 and the Draft Central and Local Budgets in 2023" (referred to as the "Budget Report"), it is planned to arrange a new special debt limit of 3.8 trillion yuan in 2023, an increase of 150 billion yuan over the previous year. Yuan. According to Wind data, as of now, 1,194.232 billion yuan of new special bonds have been issued and planned to be issued in the first quarter, and the pace of issuance continues to advance.

Yang Yinkai, deputy director of the National Development and Reform Commission, said a few days ago that 102 major projects in the "14th Five-Year Plan" will be implemented in an orderly manner, the construction of major infrastructure such as transportation, water conservancy, and energy will be accelerated, and investment in manufacturing and high-tech industries will be strengthened. facilities, give full play to the role of various investment policy combinations, etc.

Experts believe that this means that infrastructure investment is fully guaranteed in terms of funding sources and project reserves, and will still become an important starting point for steady growth.

Gao Ruidong, chief macro-economist of Everbright Securities, said that in 2023, the actual usable space for special bonds is relatively sufficient, which can effectively support infrastructure investment to maintain a high level. In addition, it is expected that policy-based financial instruments will continue to play a role and become an effective supplement to the capital of major projects. The annual growth rate of infrastructure investment may reach about 7%. Wang Qing, chief macro analyst at Oriental Jincheng, predicts that infrastructure investment will maintain a relatively rapid growth rate of around 6% in 2023. Keywords: infrastructure, infrastructure construction, domestic engineering news, planning investment

In addition, special bonds in 2023 will also appropriately expand the scope of investment and use as capital. Xie Yunliang, chief macro analyst of Cinda Securities, said that from January to mid-March, judging from the issuance, investment direction and use of new special bonds as project capital, 2023 is still a year before the issuance, and investment covers new infrastructure. In the field of new energy and new energy, industrial parks, coal storage facilities and new energy projects have been added to the fields used as project capital. "The use of special bonds to expand the scope of project capital will help increase the proportion of capital in the issuance scale, which in turn will help improve the ability of special bonds to drive social investment." Xie Yunliang said. Editor/Xu Shengpeng