政府债加快发行使用 支持扩内需稳增长

Core Viewpoint - The issuance of new special bonds and ultra-long-term treasury bonds is accelerating, which is expected to enhance fund utilization efficiency and support domestic demand and economic growth [1][5]. Group 1: Bond Issuance Trends - In the second quarter, the issuance of government bonds has significantly increased, with a total planned issuance of 2.39 trillion yuan, surpassing 70% of the first quarter's actual issuance [2]. - As of May 12, 2023, 4,078 billion yuan of new special bonds have been issued or are planned for issuance in the second quarter, accounting for over 40% of local government bonds [2][3]. - The issuance of ultra-long-term treasury bonds has also commenced, with 192 billion yuan issued since late April, and further issuances planned for May and June [2]. Group 2: Support for Project Construction - The government bond issuance is effectively supporting the expansion of domestic demand and boosting consumption, with 810 billion yuan allocated for consumer goods replacement programs [4]. - As of April 27, 2023, the replacement programs have led to significant sales, including 2.814 million vehicles and 49.416 million home appliances, generating approximately 720 billion yuan in related sales [4]. - The government has arranged 800 billion yuan in ultra-long-term treasury bonds to support major infrastructure projects, with ongoing efforts to accelerate project implementation [4]. Group 3: Fiscal Policy and Spending - The recent Central Political Bureau meeting emphasized the need to accelerate the issuance and utilization of local government special bonds and ultra-long-term treasury bonds, indicating a focus on increasing fiscal spending [5]. - Experts predict that the pace of new special bond issuance will quicken, with potential increases in the issuance amounts for May and June [5][6]. - Recommendations include advancing fiscal expenditures planned for the second half of the year to the second quarter to stimulate domestic consumption and economic activity [6].