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since the political bureau of the cpc central committee first proposeddebt-reduction packagethe financing channels of local urban investment platforms have been tightened comprehensively, and the local debt guidance opinions represented by document no. 35 have put forward specific requirements for the industrialization transformation of urban investment platforms.

if the package debt restructuring is regarded as a big test, then the current situation is undoubtedly a critical juncture in the middle game.document no. 35released in september 2023, originally scheduled to end in 2025, after the third plenary session of the 18th cpc central committeecircular no. 134while extending the relevant policies to 2027, the relevant requirements have also been further improved in terms of the scope of debt replacement and the sustainability of industrial transformation. (for details, please see "solidifying the foundation and strengthening the roots, combining leniency and strictness - four key points of interpretation of no. 134 municipal investment debt reduction"). some municipal investment platforms are used as industrial layout“top student in debt repayment”, has completed the market-oriented transformation and adjustment of its own operating indicators, and successfully broke through the restrictions of document no. 35 to issue industrial bonds.

in this issue, nanjing zhuoyuan analyzes in detail the issuance of industrial bonds of local state-owned enterprises after industrial transformation, in order to provide experience for the vast number of municipal investment platforms that are still in the "preparation stage".



i. issuance of industrial bonds