Local replacement bonds can be used to repay bank loans, but this does not mean that they are counted as project funds. Local replacement bonds are usually used to repay local government debts to reduce the financial burden of local governments. When local governments use these bonds to repay bank loans, these funds are actually used to repay old debts instead of investing in new projects.

Therefore, from the perspective of project capital investment, local replacement bonds used to repay bank loans do not belong to project capital investment.