General bonds are local bonds issued by local governments to make up for the general public financial deficit, which can alleviate the temporary financial tension of local governments; Special bonds are bonds issued by local governments to build specific projects.

General bonds are mainly invested in projects with no income, and repayment is guaranteed by regional fiscal revenue; Special bonds are mainly invested in projects with certain income, and repayment is guaranteed by corresponding government funds or corresponding project income.

Local special bonds can be divided into new and replacement according to their purposes, and only the former can provide incremental funds for infrastructure investment.

Special bonds are a kind of local government bonds, which refer to bonds issued to raise funds for the construction of specific projects. The difference between special bonds (income bonds) and general bonds (ordinary bonds) is that the former refers to bonds issued to raise funds for specific projects.

The latter refers to bonds issued by local governments to alleviate the shortage of funds or solve the temporary shortage of funds.

What kinds of special debts are there? Local special debts can be divided into ordinary special debts and special debts for project income. From 20 17, the Ministry of Finance issued a document to encourage local governments to actively develop special bonds for project income.

At present, special bonds for land reserve, toll roads and shed reform have been issued nationwide. Among them, land reserve special debt and toll road special debt account for the vast majority.

2065438+On August 20th, 2008, the first issue of "Special Bonds for Rural Revitalization" was issued. The Ministry of Finance encourages local governments to use the unused quotas of the previous year to issue special bonds for project income.

Local government bonds are classified according to the purpose of funds and the source of repayment funds, and can usually be divided into general bonds (ordinary bonds) and special bonds (income bonds). The former refers to bonds issued by local governments to alleviate the shortage of funds or solve the temporary shortage of funds, while the latter refers to bonds issued to raise funds to build specific projects. For the repayment of general bonds, local governments usually use local fiscal revenue as a guarantee, while for special bonds, local governments often use the income obtained after the project is completed as a guarantee.

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