财政部：7500亿元特别国债拟到期续作，不增加赤字

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 specific banks, excluding social and individual investors [1][3]. Group 1: Issuance Details - The upcoming issuance consists of two tranches: a 10-year bond worth 400 billion yuan and a 15-year bond worth 350 billion yuan, following previous issuance methods [3]. - This issuance is a rolling issuance of the original special government bonds, which will not increase the fiscal deficit [1][4]. Group 2: Historical Context - In 2007, the Ministry of Finance issued 1.55 trillion yuan in special government bonds as capital for China Investment Corporation, with maturities primarily of 10 and 15 years [3]. - The Ministry has previously conducted similar rolling issuances in 2017, 2022, and 2024 to repay maturing bonds [3]. Group 3: Economic Implications - Special government bonds are expected to be a favored tool for fiscal expansion, especially during periods of increased counter-cyclical economic policy [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 government bonds to inject capital into large commercial banks [4].