[Local bond issuance in August hit a new monthly high for the year] September 4th: Recently, the issuance and use of local government bonds has accelerated significantly. Data show that the scale of local government bond issuance reached 1.19 trillion yuan in August, a new monthly high for the year. Among them: new special bond issuance was 518.8 billion yuan, second only to June in scale; new general bond issuance was 122.7 billion yuan, second only to February. While issuance is increasing, the investment direction of local debt funds shows the characteristics of equal emphasis on stabilizing investment and resolving debt: among the new special bonds, funds used for project construction accounted for more than half; Guizhou issued the country's first refinancing general bond this year to repay existing debt. Experts said that the increase in local debt in August was not only a specific measure to implement the requirements for accelerating fiscal expenditure and the use of bond funds, but also reflected the fiscal policy's pursuit of a balance between stabilizing growth and preventing risks. As bond funds gradually land, their role in stimulating infrastructure investment is expected to be further evident in the fourth quarter. (Shanghai Securities News)