Gelonghui March 14 | Guanzhong Ecology (300948.SZ) said at an investor relations event that from a government perspective, the central government allowed local governments to issue 1.5 trillion yuan of special refinancing bonds last year. As of recently disclosed nationwide, the total amount of special refinancing bonds issued has reached 1.46 trillion yuan. In addition, issuing ultra-long-term special treasury bonds is also a new highlight of the 2024 fiscal policy. This round of issuing ultra-long-term special treasury bonds will enhance the ability to guarantee long-term projects, and also help optimize the central local debt structure. As a result, the liquidity risks of local governments and urban investment platforms are being mitigated. Judging from the company's personal experience, repayments for several projects directly benefited from the issuance of special refinancing bonds by local governments. For example, some of the accounts receivable for the ecological restoration projects carried out by the company around Erhai Lake in Dali around 2021 have not been repaid in the past two years. After Yunnan Province issued the special refinancing bonds, a large percentage of payments were made immediately.