稳增长政策下城投债净融资额的增加,将为基础设施投资资金来源提供有力支撑。在经济下行压力有所加大的背景下,当前基建投资的稳增长功能日益凸显,而决策层亦采取了各种方式来推动基建投资的回升。除了扩大地方政府债务的置换规模外,现阶段城投债的发行也在持续加速。根据WIND最新数据统计,2015年7月城投债的发行规模同比由跌转升,由6月减少241.0亿元转为增加142.9亿元。不仅如此,7月城投债的存量规模同样显著攀升,扣除356.5亿元的到期 Under the policy of steady growth, the increase of the net financing amount for investment in cities will provide strong support for the sources of funds for infrastructure investment. Against the background of the downward pressure on the economy, the current steady growth of infrastructure investment has become increasingly prominent. The policy makers also took various measures to promote the rebound of infrastructure investment. In addition to expanding the replacement scale of local government debt, the issuance of city bonds at the current stage is also continuing to accelerate. According to WIND latest statistics, in July 2015, the size of the bonds issued by the city fell from the same period of last year, decreasing from 24.1 billion yuan in June to an increase of 14.29 billion yuan. Not only that, the size of the city’s bond stocks in July also increased significantly, net of 35.65 billion yuan of maturity