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, through a targeted issuance to banks, without involving social investors or individual investors [1][3]. Group 1: Issuance Details - The upcoming issuance consists of two tranches: 400 billion yuan for a 10-year term and 350 billion yuan for a 15-year term, following previous methods of special bond rollovers [3]. - This issuance is part of a rolling issuance strategy that has been in place since 2007, when 1.55 trillion yuan of special bonds were issued as capital for China Investment Corporation [3][4]. Group 2: Purpose and Economic Context - The funds raised from the issuance will be used to repay the principal of the bonds maturing in December 2025, maintaining a zero increase in fiscal deficit [1][4]. - Special government bonds are expected to be a favored tool for fiscal expansion, especially during periods of increased counter-cyclical economic policy, as they are earmarked for specific uses and do not count towards the fiscal deficit [4]. - The central government has issued 1.3 trillion yuan in ultra-long-term bonds this year to support major projects and has also issued 500 billion yuan in special bonds to inject capital into large commercial banks [4].