Local Government Special-purpose Bonds Empowering the Development of New Quality Productive Forces: Theoretical Mechanisms, Practical Challenges, and Systematic Governance Paths

Tu Jinfeng

School of Public Finance and Public Administration, Anhui University of Finance and Economics

Abstract：

Developing new quality productive forces is the core strategy for advancing Chinese-style modernization. This paper focuses on local government special-purpose bonds, exploring their logic, effectiveness, and pathways in empowering new quality productive forces. A theoretical framework of "factor empowerment" is constructed, elucidating that special-purpose bonds can provide impetus and institutional guarantees for new quality productive forces by supporting new means of labor, objects of labor, and labor forces. Practical evidence shows that they primarily function through pathways such as the construction of new infrastructure. This paper further proposes that systematic reforms, including optimizing the capital structure and strengthening full-cycle management, should be implemented to drive the transition of special-purpose bonds from scale expansion to efficiency enhancement, truly making them a strategic engine for cultivating new quality productive forces.

Key Words：

local government special-purpose bonds; new quality productive forces; factor empowerment; new production relations