SMM Steel Market Morning News: Boosting Economic Stable Start, Local Government Bonds in 2024 Ready to Go

On December 26th, China Bond Information Network disclosed that as of December 25th, Shanxi, Hebei, Hainan, Jiangsu and other regions have revealed their local government bond issuance plans for the first quarter of 2024. The four regions mentioned above plan to issue a total of 220.658 billion yuan of local government bonds in the first quarter. Experts believe that the advance allocation of the quota for special bonds will help local governments to start bond issuance work as early as next year, thereby forming actual work volume at the beginning of the year and contributing to a stable start for the economy. With the accelerated allocation and use of funds, the formation of actual work volume will accelerate, and infrastructure investment in the next phase is expected to maintain stable and rapid growth. The Ministry of Finance recently stated that, according to the deployment of the State Council and relevant work arrangements, a portion of the new local government debt quota for 2024 has been allocated in advance to reasonably guarantee the financing needs of local governments.