In recent times, numerous regions have expedited the issuance of special bonds, channeling these funds into government investment initiatives. Current data reveals that, up to this point in the year, 11 regions have unveiled pertinent strategies, collectively amassing over 80 billion yuan. Industry experts highlight this initiative as a significant stride in refining medium-term fiscal strategies. By expanding the application scope of special bonds and augmenting government investment funds, it paves the way for the formation of long-term, patient capital that aligns with the extended timelines required for technological innovation.

These funds attract social capital via the 'master fund + sub-fund' framework, boosting the effectiveness of fiscal fund deployment and zeroing in on strategic emerging sectors and the modernization of local signature industries. From an investment standpoint, regional funds capitalize on local industrial strengths, exemplified by Shenzhen's '20+8' industrial clusters and Xi'an's focus on optoelectronic chips. Geographically, the eastern regions prioritize technological innovation, whereas the central and western regions concentrate on industrial transformation and the development of unique ecological industries.

The bond issuance periods typically span from 10 to 30 years, closely mirroring the durations of science and technology innovation endeavors. To mitigate potential debt risks, experts advocate for the establishment of a comprehensive framework encompassing full-cycle management, market-driven incentives, and transparent constraints. They also stress the importance of bolstering information disclosure, implementing dynamic oversight, and refining evaluation and fault-tolerance mechanisms.