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    2021年吉林省地方政府债券分析报告

    摘要

    吉林省地方债存量规模低于全国平均水平,但发行规模逐年提升。2021年,吉林省地方债发行节奏有所滞后;发行结构以新增专项债为主,长期债券占比提升。吉林省专项债持续扩容,其募投领域向市政和产业园区基础设施、交通基础设施倾斜,但用作项目资本金的规模和占比较小,且对基建投资的实际撬动效应仍受到多因素限制。整体来看,吉林省地方政府尚有一定举债空间,其财政实力较弱,债务率逐年上升,长期看需关注债务风险。展望下一阶段,本报告建议吉林省地方政府除维持现有募投领域投向外,可将地方债资金聚焦于省内优势领域,带动行业和区域经济发展。

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    Abstract

    The stock scale of local gonvernment bonds in Jilin is lower than average scale in China,but the issuing scale increases by years. In 2021,the issuing pace of local gonvernment bonds is behind schedule than 2020,the issuance structure is dominated by newly added special bonds,the proportion of long-term bonds is increased. The special bonds of Jilin continue to scale up,and the investment more focuses on municipal construction and infrastructure construction in industrail parks and transportation. However,the special bonds are not widely used as project capital fund,and the actual leveraging effect is still limited by many factors. As a whole,there are spaces for Jinlin local government in terms of debt ceiling. Nonetheless,it also requires more attention to debt risk in long-term in consideration of low financial strength and increasing debt ratio. Looking forward to the next stage,this report suggests that Jilin local government maintains current investment orientation. Mean-while,focuses on adventageous fields in Jilin in order to drive industrial and economic development.

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    作者简介
    杨羽明:杨羽明,中诚信国际政府公共评级一部高级分析师,主要研究领域为地方政府债券、基础设施投融资行业等。
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