On September 18th, the provincial Department of Finance successfully issued the eighth batch of government bonds for this year on the Shanghai Stock Exchange, amounting to 8.8208 billion yuan. This total includes 3.8608 billion yuan in new bonds and 4.96 billion yuan in refinancing bonds. The bond maturities span 5, 10, 15, 20, and 30 years, with an average interest rate of 1.78% and an average bid multiple of 22.74 times. With this issuance, the cumulative total of government bonds issued by Shanxi Province has reached 161.781 billion yuan.

Throughout this year, the provincial Department of Finance has diligently implemented the guiding principles from the provincial party committee and government regarding enhancing the quality and efficiency of local bond issuance. By adhering to a more proactive fiscal policy, the department has continuously strengthened the issuance foundation, innovated issuance models, optimized fiscal and scientific management standards, and deepened the synergy between fiscal and financial mechanisms. These efforts are aimed at supporting a stable and positive economic trajectory for Shanxi as it approaches the start of its "15th Five-Year Plan".

The provincial Department of Finance actively sought guidance from the Ministry of Finance to launch its first-ever special bond with embedded rights for land reserves, totaling 131 million yuan. This bond features a 3+2 year term with a winning interest rate of 1.47%. An embedded rights bond is a type of debt instrument that contains a redemption option within its contract. The provincial Department of Finance can choose to exercise the redemption right in the third year or opt for full repayment at maturity in the fifth year, depending on the revenue performance of the projects backed by this bond.

The successful debut of this embedded rights bond has had a dual impact. On one hand, it has boosted the underwriting willingness of financial institutions. The actual duration of such bonds tends to be shorter compared to ordinary bonds, yet the coupon rates remain largely consistent, offering a premium space that invigorates market allocation and trading activity, thereby continuously improving bond liquidity. On the other hand, it has facilitated a rational alignment between project revenue and bond maturity, effectively enhancing the efficiency of fiscal fund allocation. By flexibly arranging the repayment schedule, it has genuinely elevated the level of refined management throughout the bond's lifecycle.