江西省2021年1~9月地方债发行规模同比大幅缩小,发行结构以新增专项债为主,中长期债券占比下降,募投领域以民生服务、市政和产业园区基础设施为主。此外,江西省项目收益专项债撬动基建投资作用有限,主要通过用作配套融资来起作用。整体看,尽管江西省财政实力和债务偿付能力一般,但其地方政府债务负担在全国处于中等偏低水平,尚有一定的债务融资空间,债务风险整体可控。本报告建议江西省未来应优化债券期限结构、加强对区县级政府债务风险的监管。
<<From January to September of 2021,the scale of local bonds of Jiangxi have reduced significantly year-on-year. The issuance structure is dominated by newly added special bonds and the proportion of long-term bonds is going down. Its investment is skewed towards livelihood service and infrastructure,the actual leveraging result is generally efficient. On the whole,although Jiangxi’s debt solvency is general,considering the scale of Jiangxi’s local government debt is not too high in China and local government debt ceiling still has a decent space,its debt risk is under control. This report suggests that Jiangxi local government could increase the proportion of long-term bonds and reinforce the management of district and county government for risk prevention.
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