2万亿超长期特别国债显效，还本付息责任仍待明确

Core Insights - The issuance of ultra-long special government bonds in China has exceeded 2 trillion yuan, aimed at supporting key national strategies and projects, with a significant impact on expanding domestic demand [2][8] - There is a need for improved management and clarity regarding the repayment responsibilities and funding sources for these bonds, as highlighted in the recent supervisory report [1][4] Group 1: Issuance and Purpose - The ultra-long special government bonds are designed for specific policies and projects, with a total issuance plan of 2.3 trillion yuan, of which 93% has already been issued [2][4] - The bonds are categorized into 20-year, 30-year, and 50-year terms, and are not included in the fiscal deficit, being managed under government fund budgets [2][3] Group 2: Financial Impact and Utilization - As of July 2023, the funds allocated from these bonds have driven sales in various sectors, exceeding 1.7 trillion yuan [3] - The funds are primarily transferred to local governments, with a significant portion of the 2024 issuance allocated for local use [4][6] Group 3: Repayment Responsibilities - The central government is legally responsible for the repayment of these bonds, but the actual economic responsibility may be shared with local governments due to the transfer payment mechanism [5][6] - The report emphasizes the need to clarify the economic responsibilities and funding sources for repayment, suggesting that local governments may not have sufficient motivation to assist in repayment [6][7] Group 4: Recommendations for Improvement - The report recommends enhancing the management of ultra-long special government bonds, including better integration with budgetary investments and clearer repayment mechanisms [7][8] - It suggests that the design of responsibilities and efficiency in fund usage should be reinforced through institutional reforms [7]