超长期特别国债与中央预算内投资申报风险规避与建议

Group 1: Policy Background and Purpose - The ultra-long special government bonds have characteristics such as long duration (usually over 10 years, up to 50 years), high safety (backed by national credit), and earmarked use (not included in the general public budget, thus not affecting fiscal deficit scale) [1] - Central budget investment is fixed asset investment funding arranged by the central government through the general public budget, managed by the National Development and Reform Commission (NDRC) [3] - In 2025, central budget investment will focus on eight major areas including food security, energy security, supply chain security, urban infrastructure, ecological protection, major transportation infrastructure, social undertakings, and affordable housing projects [3] Group 2: Application Process and Key Considerations - The application process for ultra-long special government bonds includes notification issuance by the end of March, project submission by the end of May, project determination in June, and online submission through the "National Major Construction Project Database" [9] - The application process for central budget investment involves preparing funding application reports, online submission, and multi-level review by local development and reform commissions [9][10] - Key considerations for application include preparing complete and compliant materials, ensuring project alignment with support directions, and addressing common pitfalls such as incomplete documentation and non-compliance of the applicant [10][11] Group 3: Reasons for Application Failure - Common reasons for application failure include incomplete or non-compliant materials, misalignment of application content with support directions, immature preliminary work, funding issues, and non-compliance of the applicant [11] Group 4: Application Strategies and Recommendations - Strategies to improve application success rates include precise project planning, thorough preliminary research, careful preparation of application materials, timely submission, and effective communication with relevant authorities [13][16] - Establishing a tiered project reserve library and aligning project planning with national and local long-term plans are recommended for better project management [17]