纾解压力唤财政新招 专家建言增发特别国债

Group 1 - The consensus among experts is to consider the introduction of incremental policy tools, such as special government bonds, to strengthen infrastructure, combat the pandemic, support enterprises, ensure livelihoods, and restore consumption in response to increasing economic downward pressure [1] - There is a pressing need for enhanced fiscal policy, as the balance between revenue reduction and expenditure increase is becoming more challenging, necessitating the use of incremental tools to maintain fiscal balance [2] - The first quarter saw a significant decline in government fund budget revenue, down 25.6% year-on-year, indicating a substantial gap compared to the annual growth target of 0.6% [2] Group 2 - Experts suggest that in addition to utilizing state-owned enterprise profits and surplus funds, the issuance of special government bonds and increasing budget deficits could be viable methods to expand fiscal capacity [3] - Approximately 9.5 billion yuan of special government bonds are set to mature this year, and the necessity for issuing new special bonds has increased due to rising pandemic-related expenditures and declining land fiscal revenues [3] - It is estimated that the issuance of special government bonds could reach a scale of 1 trillion yuan, with a recommendation to issue 2 trillion yuan to support infrastructure investment and maintain economic stability [3][4] Group 3 - The potential use of newly issued special government bonds is primarily aimed at boosting infrastructure investment, as well as supporting pandemic relief and ensuring livelihoods [4] - The expected additional fiscal expenditure for infrastructure, pandemic relief, and livelihood support could reach 3.7 trillion yuan, with 1.36 trillion yuan specifically allocated for pandemic and livelihood-related expenses [4] - The issuance of special government bonds may involve a combination of targeted and public offerings, with a focus on maintaining liquidity through monetary policy support [5]