中经评论：积极发挥超长期特别国债功能

Core Viewpoint - The issuance and utilization of ultra-long-term special government bonds have become a prominent highlight of macroeconomic policy this year, aimed at consolidating and expanding the economic recovery momentum through increased investment and consumption [1][2][3][4] Group 1: Issuance and Scale - The Ministry of Finance has announced the issuance of ultra-long-term special government bonds, with a total of 1.3 trillion yuan planned for the year, concluding with the issuance of 50-year and 20-year bonds in October [1][2] - The issuance scale this year exceeds that of the previous year, reflecting a more proactive fiscal policy [2] Group 2: Investment and Consumption Support - The ultra-long-term special government bonds have been creatively utilized to support the expansion of domestic demand, particularly through significant investments in consumer goods replacement programs [1][2] - A total of 690 billion yuan has been allocated for consumer goods replacement subsidies, effectively stimulating market activity during the holiday season [1][2] Group 3: Project Implementation and Effectiveness - The funds from ultra-long-term special government bonds have been directed towards approximately 8,400 projects in key sectors such as infrastructure, energy, and transportation, leading to a total investment exceeding 1 trillion yuan [2][3] - The consumer goods replacement initiative has seen 330 million participants, generating over 2 trillion yuan in related sales, demonstrating the effectiveness of the policy in boosting consumer demand [2][3] Group 4: Policy Optimization and Future Directions - There is a need for enhanced supervision and management of fund usage to prevent inefficiencies and ensure timely project implementation [3] - Future considerations include optimizing subsidy application processes and potentially expanding the scope and standards of subsidies to better meet diverse market demands [3][4]