财政部密集发债1570亿：稳增长政策持续加码

Group 1 - The Ministry of Finance issued two types of book-entry government bonds totaling 157 billion yuan, including a 3-year coupon bond of 97 billion yuan and a 182-day discount bond of 60 billion yuan, reflecting a commitment to active fiscal policy [1] - The issuance of the 3-year coupon bond will begin distribution after the auction and will be officially listed for trading on November 27, while the 182-day discount bond will be repaid at face value on May 26, 2026 [1] - The issuance is part of the fourth quarter bond issuance plan, which includes various types of bonds, indicating a strong demand for fiscal financing and a firm policy stance to stabilize economic growth [2] Group 2 - The scale of government bond issuance for 2025 has significantly expanded, becoming a core component of active fiscal policy, with a total of 1.3 trillion yuan in special long-term bonds issued by mid-October [2] - The issuance of general bonds has also accelerated, with the first half of the year seeing a total of 16.9 trillion yuan in interest-bearing bonds issued, and net financing of government bonds reaching approximately 3.4 trillion yuan, double that of the same period in 2024 [2]