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Abstract: With the intensified implementation and effectiveness enhancement of proactive fiscal policies, local government special bonds have become increasingly significant in facilitating high quality economic development and preventing local debt risks. In recent years, the longer maturity and lower cost of special bonds have better catered to the financing requirements of local governments. However, certain regions are confronted with substantial pressure for debt repayment owing to their extensive debt scale and elevated financing expenses. An examination of the effectiveness of special bonds in promoting steady growth, from the perspectives of bond issuance, project implementation, and regional impact, reveals that the recent rapid expansion in special bond scale has effectively stimulated infrastructure investment. Traditional infrastructure projects constitute a relatively substantial proportion in special bond projects, exerting a notable leverage effect on overall investment. However, investments in new infrastructure projects exhibit a stronger long-term positive impact on regional economies compared to traditional infrastructure projects. To further enhance the policy effectiveness of special bonds, it is crucial to strike a balance between “steady growth” and “risk prevention”, and continue to strengthen efforts in optimizing investment structure, augmenting leverage effect, and refining the management of debt limits.

Key words: special bonds, steady growth, risk prevention, high quality development, traditional infrastructure projects, new infrastructure projects