There is no difference. Since the revision of the "Budget Law" in 2015, the state has tightened and standardized the government's borrowing methods. The government can no longer rely on bank loans to finance newly built toll roads. The original government model of "loans to build roads and tolls to repay the loans" is unsustainable, and new financing channels must be opened up to meet the construction needs of all toll roads across the country.

According to the "Measures for the Administration of Special Bonds for Local Government Toll Roads (Trial)"

Article 28: The issuance and use of special bonds for toll roads should strictly correspond to the project. Based on factors such as the relevance of government toll roads and the toll period, toll road special bonds can be issued for a single project or for multiple projects in a region. The details are determined by the provincial finance department in conjunction with the provincial transportation department.

Article 29: The term of special toll road bonds shall be compatible with the toll collection period of government toll roads. In principle, a single issuance shall not exceed 15 years. The details shall be determined by the provincial finance department in conjunction with the provincial transportation department. It is determined comprehensively based on factors such as project construction, operation, recovery cycle, and bond market conditions.

Extended information:

my country's toll roads are divided into two categories: "government loan repayment roads" and "operating roads". The former toll income belongs to government fund income, except for In addition to highway maintenance and management, it is mainly used to repay the government's loan repayment of toll road debt; the latter toll revenue belongs to the toll road enterprise's own income and is mainly used to recover social capital investment and obtain reasonable returns.

The provincial finance department, together with the transportation department, shall promptly disclose to the public information related to toll road special bonds, including the scale, term, interest rate, debt repayment plan and source of funds, project name, income and Financing balance plan, construction period, vehicle toll collection standard and period, etc. Provincial transportation departments should actively cooperate in providing relevant materials.

China Communications News Network - What impact will special bonds for government toll roads have?

Baidu Encyclopedia - Management Measures for Special Bonds for Local Government Toll Roads (Trial)