The Chief Economist of MINSHENG BANK, Wen Bin, predicts that the new limit on special local government bond debt for 2025 may be 4.5 trillion yuan, an increase of 600 billion yuan compared to the early budget of 2024. On one hand, under the requirements of concluding the 14th Five-Year Plan and accelerating the construction of a modern infrastructure system, many major projects and key initiatives will begin construction in 2025, and the demand for new funding for infrastructure projects remains high. On the other hand, local governments need to expand the scale of special bond issuance to replenish comprehensive financial resources for tasks such as replacing hidden debts, recovering idle stock land, and acquiring existing commercial housing for use as affordable housing, etc. (Shanghai Securities Journal)