中央1.3万亿元超长期特别国债，约1万亿给地方用

Core Viewpoint - The central government is leveraging long-term special bonds to alleviate local fiscal burdens, with a significant portion of the funds allocated for local government use [3][4]. Group 1: Central Government Budget and Special Bonds - In the 2026 central government budget, 1.3 trillion yuan of long-term special bonds will be issued, with 240 billion yuan (18%) allocated for central government spending and 1.06 trillion yuan (82%) for transfers to local governments [3][5]. - The issuance of long-term special bonds began in 2024, with 1 trillion yuan in 2024, 1.3 trillion yuan in 2025, and a planned 1.3 trillion yuan in 2026, primarily aimed at supporting major strategic implementations and key areas [3][4]. Group 2: Allocation and Usage of Funds - For the 2026 budget, 800 billion yuan is designated for "two major" constructions, 250 billion yuan for consumer goods replacement, and 200 billion yuan for large-scale equipment updates, with 50 billion yuan's purpose still unclear [5][6]. - The 50 billion yuan may be used for newly established fiscal-financial collaborative funds to promote domestic demand, as indicated in the government's work report [6][7]. Group 3: Economic Context and Policy Measures - The Minister of Finance highlighted the ongoing economic challenges, particularly the imbalance between strong supply and weak demand, leading to insufficient consumer vitality and weak private investment growth [7]. - A special fund of 100 billion yuan has been allocated to support domestic demand through various financial measures, aiming to leverage this funding to generate a larger impact on credit availability [7].