一文读懂各类政府债券：国债、特别国债、地方政府债、专项债、一般债、再融资债券的区别和联系

Group 1 - Bonds are debt securities issued by governments, financial institutions, and corporations to raise funds, promising to pay interest at a certain rate and repay the principal under agreed conditions [1] - The most common types of bonds include fixed-rate bonds, floating-rate bonds, and zero-coupon bonds, which can be traded in the market, forming a bond market [1] - Government bonds are issued to cover government expenditures, invest in public works, and manage fiscal deficits, with investors receiving interest during the holding period and principal at maturity [1] Group 2 - Different types of government bonds include national bonds, special national bonds, ultra-long special national bonds, special bonds, general bonds, and refinancing bonds, each with unique characteristics regarding issuance, purpose, and management [2] - National bonds are issued by the central government to raise fiscal funds, typically to cover deficits or invest in public infrastructure and key projects [3] - Special national bonds are issued for specific policies and purposes, not suitable for ordinary investors, and do not require budget arrangements for repayment [4] Group 3 - Ultra-long special national bonds have a maturity of over 10 years and are used for long-term strategic projects, with a planned issuance scale of 1.3 trillion yuan in 2025 for major strategic implementations and key area security capability construction [5] - Local government bonds are issued by local governments to raise funds for local construction, categorized into general and special bonds, with the latter being used for specific projects with expected returns [6][9] - General bonds are issued to cover public fiscal deficits, while special bonds are for projects with certain returns, repaid through corresponding government fund revenues [9] Group 4 - Refinancing bonds are issued to raise funds for repaying existing debts and adjusting debt structures, with a focus on repaying old debts rather than funding new projects [9][10] - Special refinancing bonds have evolved to allow funds to be used for repaying existing local debts, including hidden debts, thus becoming an important tool for local debt management [10]