Public Hospital Local Special Bonds Situation Analyses and Countermeasures

Fang Yian; Ma Qihan; Yang Li

Abstract：Objective:To analyze the issuance of local government special bonds for public hospitals,discuss the possible risks,and propose corresponding countermeasures.Methods:The information up to December 24,2024 was collected through public platforms such as China Electronic Local Government Bond Market Access,China Bond.com.cn,and Special Bond Information Network,using"hospital"as the keyword.Descriptive statistics methods were used.Results:From 2018 to 2024,the cumulative issuance of hospital-related special bond projects nationwide in China was amounted to 1 122 billion yuan,accounting for 5.11％of the total amount of special bonds in the same period.The average maturity ranged from 15 to 25 years,with average interest rates ranging from 2.14％to 2.49％,and were used primarily for new,relocated,or remodeled buildings.Although local special bonds theoretically do not pose financial risks,challenges such as"inflated"returns,distorted pricing,and repayment pressure exist.Conclusion:Standardizing special bonds issuance,enhancing information disclosure,strengthening performance management,and reinforcing constraints of regional health planning are proposed,so as to guide local government special bonds to help public hospitals develop in a high-quality way.