The reporter learned from a number of local finance and underwriters that the supervisory authorities have recently pre-issued a special debt amount for early approval in 2024 to the local authorities, along with the amount of general debt approved in advance. There is little change between the amount issued in advance and the final amount issued. It is mainly convenient for places to do preliminary work according to the quota. It is also learned that according to regulatory requirements, early approval of local bond amounts in 2024 will be issued as soon as January. However, considering that it still needs to go through procedures such as project declaration, review, and budget inclusion, it is expected that the scale of issuance of local bonds approved in advance in January will not be large. Also, according to the reporter's understanding, in the early approval quota, the quota for high-risk provinces has dropped compared to the previous year, while some medium- and low-risk provinces have increased by more than 10% compared to the previous year. This is mainly due to the fact that the over trillion dollars of special refinancing bonds issued last year are skewed towards high-risk provinces. Like new local government bonds, special refinancing bonds can also increase government debt balances. However, some major economic provinces are still trying to issue special bonds in January. The reporter learned that a major economic province has notified underwriters and intermediaries that the issuance process will begin as soon as January. The province requires all local districts and counties to quickly sort out the demand for new bond projects in 2024. The special debt project still needs to complete preliminary work such as preparing “one case, two books” in advance.

The reporter learned from a number of local finance and underwriters that the supervisory authorities have recently pre-issued a special debt amount for early approval in 2024 to the local authorities, along with the amount of general debt approved in advance. There is little change between the amount issued in advance and the final amount issued. It is mainly convenient for places to do preliminary work according to the quota. It is also learned that according to regulatory requirements, early approval of local bond amounts in 2024 will be issued as soon as January. However, considering that it still needs to go through procedures such as project declaration, review, and budget inclusion, it is expected that the scale of issuance of local bonds approved in advance in January will not be large. Also, according to the reporter's understanding, in the early approval quota, the quota for high-risk provinces has dropped compared to the previous year, while some medium- and low-risk provinces have increased by more than 10% compared to the previous year. This is mainly due to the fact that the over trillion dollars of special refinancing bonds issued last year are skewed towards high-risk provinces. Like new local government bonds, special refinancing bonds will also increase government debt balances. However, some major economic provinces are still trying to issue special bonds in January. The reporter learned that a major economic province has notified underwriters and intermediaries that the issuance process will begin as soon as January. The province requires all local districts and counties to quickly sort out the demand for new bond projects in 2024. The special debt project still needs to complete preliminary work such as preparing “one case, two books” in advance.