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今年1.3万亿超长期特别国债发行收官 财政支出或将“赶进度”
Zheng Quan Shi Bao·2025-10-14 17:30

Group 1 - The Ministry of Finance successfully issued 40 billion yuan of 20-year ultra-long special government bonds, completing the issuance of 1.3 trillion yuan for the year [1] - The issuance of ultra-long special government bonds increased by 300 billion yuan this year, supporting 1,459 "dual heavy" construction projects, including major infrastructure and innovative financing models [1] - An additional 50 billion yuan of ultra-long special government bond funds is allocated to support the implementation of "two new" policies, with 8,400 projects benefiting, leading to over 1 trillion yuan in total investment [1] Group 2 - The last batch of 69 billion yuan for consumer product replacement subsidies was allocated before the National Day and Mid-Autumn Festival holidays, boosting consumer spending in the fourth quarter [2] - As of October 14, new local government general bonds exceeded 670 billion yuan and new special bonds surpassed 3.7 trillion yuan, accounting for over 80% of the annual quota [2] - Despite a slowdown in government bond issuance in the fourth quarter, fiscal spending will still focus on key areas, with public budget expenditure reaching about 60% of the initial budget forecast [2] Group 3 - The Minister of Finance emphasized that fiscal policy has ample room for future action, with new policy financial tools already implemented at the local level [3] - Market institutions believe there is less necessity for further expansionary fiscal policies this year, with a cautious approach to adjusting the fiscal deficit rate [3] - New policy financial tools are seen as "quasi-fiscal" instruments that can effectively support major project capital and leverage social investment [3]