财政部：7500亿元到期续作特别国债，即将发行！

Core Viewpoint - The Ministry of Finance plans to issue 750 billion yuan of special government bonds maturing in 2025 on December 12, 2023, targeting specific banks and excluding individual investors [1][2]. Group 1: Issuance Details - The issuance will consist of two tranches: 400 billion yuan for a 10-year term and 350 billion yuan for a 15-year term, following previous issuance methods [5]. - This issuance is a rolling issuance of the original special government bonds, maintaining the same asset-liability correspondence and not increasing the fiscal deficit [2][6]. Group 2: Historical Context - The original special government bonds were issued in 2007, totaling 1.55 trillion yuan, primarily to fund the China Investment Corporation, with maturities mainly at 10 and 15 years [5]. - Previous rolling issuances occurred in 2017, 2022, and 2024, where the Ministry of Finance directed the issuance of special government bonds to repay maturing bonds [5]. Group 3: Economic Implications - The funds raised from this issuance will be used to repay the principal of the bonds maturing in December 2023, and the special bonds are expected to be a favored tool for fiscal expansion during macroeconomic adjustments [6]. - The central government has issued 1.3 trillion yuan in ultra-long-term bonds this year and has specifically issued 500 billion yuan in special government bonds to inject capital into large commercial banks [6].