Macro comments
On March 22, the Ministry of Finance released data that in the first two months of this year, the country issued 1206 billion yuan of local bonds, of which 1077.6 billion yuan was newly issued. According to statistics, as of March 22, 1639.7 billion yuan of local bonds had been issued throughout the year, including 1432.8 billion yuan of new local bonds. （Wind）
Comments: since this year, the issuance of new local bonds has accelerated significantly, and steady growth has been made in line with the active fiscal policy. Among the 1432.8 billion yuan of new local bonds, 11687 billion yuan of new special bonds were issued, and the use of new special bond funds was significantly inclined to infrastructure. This year, it is planned to arrange 3.65 trillion yuan of local government special bonds, superimposing the 1.2 trillion yuan of special bonds issued in the fourth quarter of 2021, which can be used for specific projects, providing strong support for expanding effective investment. According to the data released by the National Bureau of statistics, infrastructure investment increased by 8.1% year-on-year from January to February, 7.7 percentage points faster than the previous year. In the direction, "two new and one heavy" is the key direction, among which new energy infrastructure and digital infrastructure have great potential.
Key macro developments
[1] CBRC: by the end of 2021, the balance of green credit of 21 major banks in China had reached 15.1 trillion yuan, accounting for 10.6% of their loans. The environmental benefits of green credit have gradually emerged. According to the proportion of credit funds in the total investment of green projects, green credit of 21 major banks can support the saving of more than 400 million tons of standard coal and the emission reduction of more than 700 million tons of carbon dioxide equivalent every year. (China Securities Network)
[2] on March 22, the national development and Reform Commission and the National Energy Administration issued the modern energy system plan for the 14th five year plan. The plan puts forward a series of goals for the development of oil, new energy and hydrogen energy. By 2025, remarkable results will be achieved in the transformation of low-carbon energy, in which the proportion of non fossil energy power generation will reach about 39%, and the proportion of electric energy in terminal energy consumption will reach about 30%. （Wind）
