时报观察丨超长期特别国债为扩内需促消费“添柴加薪”

Core Viewpoint - The issuance of long-term special government bonds in China, amounting to 1.3 trillion yuan, is aimed at boosting domestic demand and consumption, thereby strengthening the domestic economic cycle [2][3]. Group 1: Bond Issuance Details - This year, China will issue 1.3 trillion yuan in long-term special government bonds, an increase of 300 billion yuan compared to last year [2]. - The first issuance will focus on 20-year and 30-year bonds, starting on April 24 [2]. - Of the total, 800 billion yuan will support "two major" projects, while 500 billion yuan will be allocated to expand the "two new" policies [2]. Group 2: Economic Impact - The early disclosure of bond issuance plans and rapid financing is intended to enhance expectations for economic improvement and stimulate consumption [2]. - In the first quarter, supported by the "two new" and "two major" policies, related consumer goods experienced double-digit growth, indicating progress in expanding domestic demand [2]. Group 3: Role of Government Bonds - Long-term special government bonds will enable more fiscal funds to promote consumption and expand domestic demand, converting private savings into effective demand to support economic growth [3]. - These bonds will also provide greater support for technological innovation and industrial development in "two major" construction projects, laying a solid foundation for high-quality development [3]. Group 4: Market Implications - The issuance of long-term special government bonds will increase the supply of safe assets in the market, alleviating the "asset shortage" issue in a low-interest-rate environment [3]. - China's government bonds, as high-grade securities, have the potential to become significant global safe assets, attracting international investors [3]. - As of April 15, foreign institutions have increased their holdings of Chinese bonds by over 270 billion yuan, reflecting a positive attitude towards the Chinese bond market [3].