国债密集发行 积极财政政策持续发力

Core Viewpoint - The recent intensive issuance of government bonds reflects the ongoing implementation of proactive fiscal policies aimed at supporting economic growth and ensuring effective use of funds [1][3]. Group 1: Government Bond Issuance - The Ministry of Finance has recently issued 970 billion yuan in coupon-bearing government bonds and 600 billion yuan in discount government bonds, with additional short-term bonds scheduled for issuance [1]. - The issuance of super long-term special government bonds has increased significantly this year, with a total of 1.3 trillion yuan issued, which is 300 billion yuan more than last year [2]. - The issuance schedule for super long-term special government bonds has been accelerated, with the first issuance occurring about a month earlier than last year, facilitating quicker fund deployment [2]. Group 2: Fiscal Policy and Economic Impact - Experts indicate that the ongoing issuance of government bonds is a key component of a more aggressive fiscal policy, which is expected to continue in the future [3]. - The issuance of 1.3 trillion yuan in super long-term special government bonds is projected to contribute 1.7% to 1.9% to GDP growth in 2025, providing crucial support for economic growth targets [2]. - The funds raised from government bond issuance in the fourth quarter are intended to support the implementation of the "14th Five-Year Plan" and enhance market liquidity [2]. Group 3: Fund Utilization and Oversight - The effectiveness of government bond fund utilization is critical for policy implementation, necessitating improved oversight and assessment to ensure funds are effectively allocated [3]. - Future fiscal policies are expected to focus on enhancing social confidence and expanding effective demand, particularly in areas such as modern industrial systems and infrastructure upgrades [3].