财政部发7500亿元特别国债“借新还旧”，个人不能买

Core Viewpoint - The Ministry of Finance will issue a total of 750 billion yuan in special government bonds on December 12, 2025, to repay maturing debt, following a "borrow new to repay old" strategy, which does not involve social investors and does not increase the fiscal deficit [3][5]. Group 1: Bond Issuance Details - The issuance consists of two phases: a 10-year bond of 400 billion yuan and a 15-year bond of 350 billion yuan, totaling 750 billion yuan [4][6]. - This issuance is a continuation of the practice established in previous years, aimed at rolling over the debt that is due [5][6]. Group 2: Historical Context - Since the 21st century, China has maintained a continuous current account surplus and rising foreign exchange reserves, leading to issues such as excess liquidity and asset price bubbles [3]. - In 2007, the Ministry of Finance issued 1.55 trillion yuan in special government bonds to manage foreign exchange reserves and establish the China Investment Corporation [3]. Group 3: Financial Performance Indicators - For the first ten months of the year, the central government's general public budget revenue was 81,856 billion yuan, a year-on-year decrease of 0.8%, while expenditures increased by 6.3% to 34,727 billion yuan [6].