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    2020年医疗类地方政府项目收益专项债分析报告

    摘要

    医疗卫生是关系社会民生的重大工程,是筑牢民生底线的核心环节。2020年以来,在“六稳”“六保”的政策背景下,医疗类地方政府项目收益专项债占比不断提升,为补齐民生短板提供有力支撑。2020年上半年,医疗类项目收益专项债发行期限以10年及15年为主,多以集合类发行,单一类医疗专项债集中于西部地区;募投项目以区县级项目为主,项目建设周期普遍较短,项目收益以医院运营收入为主。整体来看,医疗专项债项目资金到位压力小,建设风险整体可控,但项目可能面临收益偏差带来的偿债风险。未来医疗专项债的发展应从按需分配债券资金、重视收入来源的可靠性及合理性、合理安排债券期限结构、规范项目收益测算等方面进一步发挥补短板的重要作用,牢牢“兜住民生底线”。

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    Abstract

    Medical and health care is a major project related to people’s livelihood,and it is the core link of building the bottom line of people’s wellbeing. Since 2020,under “Six Stabilities” and “Six Guarantees” policies,the proportion of local government project income special bonds in medical field has been continuously increased,providing strong support for bolstering weak spots of people’s livelihood. In the first half of 2020,the income special bonds of medical projects were issued mainly in terms of 10 and 15 years,and most of them were issued in aggregate type. The single type of medical special bonds were mainly issued in western provinces. Besides,the projects were mainly in districts and counties,the project construction cycle was generally short,and the project income was mainly from the operation of hospitals. On the whole,there was little pressure for the medical special bonds projects to get the funds,and the construction risks were under overall control. However,the projects may be faced with debt repayment risks caused by income deviation. In the future,the development of medical special bonds should further play an important role in reinforcing weak spots by allocating bond funds according to needs,paying attention to the reliability and rationality of income sources,reasonably arranging bond maturity structure and standardizing project income measurement.

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    作者简介
    汪苑晖:汪苑晖,中诚信国际研究院高级研究员,主要研究领域为宏观经济、货币政策与利率债、地方债与城投行业等。
    袁海霞:袁海霞,经济学博士,高级经济师,中诚信国际研究院副院长,中国人民大学国发院政府债务研究中心联席主任,主要研究领域为地方债与城投行业、宏观经济、债券市场等。
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