1.3万亿超长期特别国债，发行收官
Zhong Guo Zheng Quan Bao·2025-10-14 13:23

Core Viewpoint - The issuance of super long-term special government bonds in China is aimed at supporting economic development and enhancing domestic demand, with a total issuance of 1.3 trillion yuan planned for 2025, an increase of 300 billion yuan from 2024 [2] Group 1: Issuance and Economic Impact - The last issuance of super long-term special government bonds for this year took place on October 14, totaling 1.3 trillion yuan for the year, which has provided strong support for economic development [1] - The National Development and Reform Commission has allocated 690 billion yuan in the fourth batch of super long-term special government bonds to support the consumption upgrade program, with a total of 3 trillion yuan in central funds allocated for the year [2] - The funds from super long-term special government bonds have supported approximately 8,400 projects, leading to total investments exceeding 1 trillion yuan [2] Group 2: Characteristics and Management of Bonds - The term "super long-term" indicates that these bonds are designed for projects with longer life cycles, providing patient capital for economic development and enhancing the central bank's market operations [3] - The "special" designation signifies that these bonds are not a regular tool but are primarily used for counter-cyclical adjustments and promoting high-quality economic development, with fiscal risks managed within a certain range [3] Group 3: Recommendations for Fund Utilization - To maximize the effectiveness of super long-term special government bond funds, it is essential to align annual budgets with medium- and long-term budgets, balancing immediate and future financial relationships [4] - There is a need to shift from a primary focus on investment to a balanced approach that includes consumption, enhancing the "livelihood content" of fiscal efforts [4] - Project selection should prioritize areas that can quickly generate tangible work and stimulate private investment and consumption, thereby boosting internal economic momentum [4]