On June 1, 219, the central government issued the Notice on Doing a Good Job in the Issuance of Local Government Special Bonds and Supporting Financing for Projects, and put forward relevant opinions on giving full play to the role of local government special bonds and increasing support for key areas and weak links. Among them, the debt-loan portfolio and special debt as capital are the most striking.

the core statement of the debt-loan portfolio in the notice is that "the major projects whose income includes both government fund income and other operating special income (hereinafter referred to as special income, including the income of transportation tickets, etc.) and still have residual special income after repaying the principal and interest of special bonds can be financed by the relevant enterprise legal person project unit (hereinafter referred to as the project unit) from financial institutions in the market according to the residual special income."

The core statement of the Notice on special bonds as capital is: "For major projects supported by special bonds, which are in line with the central government's major decision-making arrangements and have great demonstration and driving effects, mainly railways, national highways and local highways, power supply and gas supply projects that support the promotion of major national strategies, if the special income meets the financing conditions after repaying the principal and interest of special bonds, some special bonds are allowed to be used as a certain proportion of project capital, but it shall not exceed the actual project income.

It can be seen that:

First, the financing subjects are different. The former's financing subject is enterprise legal person financing from banks and other financial institutions, while the latter's financing subject is local government;

second, the financing premise is different. The premise of the former is that the project income can cover the principal and interest of the special debt and the principal and interest of the loan, while the latter must be projects that meet the major decision-making arrangements of the central government, mainly railways, expressways, power supply and gas supply projects, and the scope is much narrower.