10月9日，财政部公开《关于公布2025年第四季度国债发行有关安排的通知》（下称《通知》），明确 今年第四季度超长期特别国债发行安排，即在10月10日和10月14日分别发行50年期和20年期超长期特别 国债。这意味着今年全年1.3万亿元超长期特别国债发行工作将在10月14日结束。 与普通国债不同，超长期特别国债是特殊时期的特殊工具，2024年中国开始连续几年发行超长期特别国 债，专门用于国家重大战略实施和重点领域安全能力（即"两重"）建设和大规模设备更新和消费品以旧 换新（即"两新"）领域。其中2025年中国计划全年发行1.3万亿元超长期特别国债用于"两重""两新"，4 月24日发行了今年的第一只超长期特别国债，发行节奏较去年有所提前，而10月14日将发行今年最后一 只超长期特别国债。 今年4月份财政部公开的超长期特别国债发行计划显示，10月10日计划发行最后一只30年期超长期特别 国债。而上述《通知》则将这一计划变更为两只超长期特别国债，且发行期限分别为50年期和20年期。 根据今年国务院安排，今年1.3万亿元超长期特别国债资金中，3000亿元用于支持消费品以旧换新， 2000亿元用于支持设备更新，8000 ...

2025.10. 09 本文字数：1271，阅读时长大约2分钟 作者 | 第一财经 陈益刊 近日《国务院关于2024年度政府债务管理情况的报告》称，下一步要更好发挥超长期特别国债作 用。畅通各方信息共享渠道，推动自上而下统筹谋划重大项目，集中力量支持发展急需、长远有利的 大事要事难事。认真评估"两新"政策实施情况，优化完善政策安排。加强"两重"项目全生命周期管 理，项目建设期内加强资金分配使用监管，项目建成后加强对项目运营、收益、资产等情况的管理。 做好超长期特别国债还本付息资金安排。 微信编辑 | 苏小 今年超长期特别国债发行工作即将收官。 10月9日，财政部公开《关于公布2025年第四季度国债发行有关安排的通知》（下称《通知》）， 明确今年第四季度超长期特别国债发行安排，即在10月10日和10月14日分别发行50年期和20年期 超长期特别国债。这意味着今年全年1.3万亿元超长期特别国债发行工作将在10月14日结束。 与普通国债不同，超长期特别国债是特殊时期的特殊工具，2024年中国开始连续几年发行超长期特 别国债，专门用于国家重大战略实施和重点领域安全能力（即"两重"）建设和大规模设备更新和消费 品以旧换 ...

根据财政部9月底公开的《关于2025年超长期特别国债（三期）第三次续发行工作有关事宜的通知》， 10月10日即将发行50年期超长期特别国债规模为300亿元。这也意味着今年最后一只将于10月14日发行 的20年期超长期特别国债发行规模为400亿元。 随着超长期特别国债发行工作即将收尾，如何用好这笔巨额超长期特别国债资金备受关注。 根据今年国务院安排，今年1.3万亿元超长期特别国债资金中，3000亿元用于支持消费品以旧换新， 2000亿元用于支持设备更新，8000亿元用于支持"两重"建设。 今年最后一只超长期特别国债将于10月14日发行 今年超长期特别国债发行工作即将收官。 10月9日，财政部公开《关于公布2025年第四季度国债发行有关安排的通知》（下称《通知》），明确 今年第四季度超长期特别国债发行安排，即在10月10日和10月14日分别发行50年期和20年期超长期特别 国债。这意味着今年全年1.3万亿元超长期特别国债发行工作将在10月14日结束。 与普通国债不同，超长期特别国债是特殊时期的特殊工具，2024年中国开始连续几年发行超长期特别国 债，专门用于国家重大战略实施和重点领域安全能力（即"两重"）建设和大 ...

超长期特别国债资金偿债责任究竟由谁承担？还本付息资金来源于哪儿？ 为了扩内需、稳经济，中国创造性发行使用超长期特别国债，截至目前发行规模已经超过2万亿元，用 于支持"两重""两新"，成效明显。但管理也有待进一步完善，以更好发挥这笔巨额资金使用效益。 近日，中国人大披露的《关于2024年度政府债务管理情况的监督调研报告》（下称《调研报告》）指 出，超长期特别国债管理有待完善，还本付息资金来源、偿还责任有待进一步明确。 粤开证券首席经济学家罗志恒告诉第一财经，为增强债务管理的规范性和透明度，建议进一步健全管理 制度，制定专门办法，依据"谁使用、谁负责"原则，明确超长期特别国债在资金使用、效益评估、利息 偿还等方面的具体要求，实现"借、用、还"全流程的统一管理。 超长期特别国债发行超2万亿元 与普通国债不同，超长期特别国债是特殊时期的特殊工具，专门服务于特定政策，支持特定项目需要， 且不计入财政赤字，纳入政府性基金预算管理，债券期限长，目前分别为20年期、30年期和50年期。 为了应对复杂的内外形势，在2024年全国两会期间，国务院宣布从2024年开始拟连续几年发行超长期特 别国债，专项用于国家重大战略实施和重点领 ...

Central Budget Investment - The central budget investment is set at 735 billion yuan, focusing on foundational, public welfare, and long-term projects [1] - The investment aims to stimulate social capital and drive economic recovery through government investment [1] Special Long-term Bonds - The plan includes issuing 1.3 trillion yuan in special long-term bonds, with a duration of 20-50 years, targeting "two重" (major strategic projects) and "two新" (new consumption policies) [1][15] - Of the total, 500 billion yuan is earmarked for new consumption policies, including equipment updates and consumer goods replacement [15] Local Government Special Bonds - The quota for local government special bonds is set at 4.4 trillion yuan, an increase of 500 billion yuan from the previous year, primarily for investment construction and land acquisition [1][7] - These bonds are intended for projects with certain revenue, ensuring that project income covers principal and interest [9][10] New Policy Financial Instruments - New policy financial instruments are designed to address funding shortages in high-risk areas like technology R&D and financing for small and medium enterprises [2][3] - The expected scale for these instruments is around 500 billion yuan, supporting technology innovation, consumption expansion, and foreign trade stability [2] Key Support Areas - The funding will support various sectors, including digital economy, artificial intelligence, low-altitude economy, green low-carbon initiatives, agriculture, transportation, and municipal infrastructure [4][8][12] - Specific projects include infrastructure for digital economy, AI applications, clean energy, and rural development [4][8] Project Selection and Management - Strict negative lists are enforced to prohibit funding for land reserves, commercial real estate, and other non-productive projects [5][11] - The project selection process emphasizes collaboration among multiple departments to ensure effective fund allocation [3][5] Summary of Financial Instruments - A comparison of new policy financial instruments, special long-term bonds, and local government bonds highlights their distinct characteristics, including issuance authority, risk levels, and funding sources [23]

Group 1 - The core viewpoint is that private investment in China is showing signs of recovery and structural optimization, driven by government policies aimed at stimulating private sector activity and effective investment [1][2][3] - In the first half of the year, private project investment (excluding real estate) grew by 5.1% year-on-year, despite a 0.6% decline in overall private investment growth due to a drop in real estate development investment [1][2] - Key sectors experiencing growth in private investment include new energy vehicles, artificial intelligence, and various manufacturing industries, with notable increases in accommodation and catering (20.3%), infrastructure (9.5%), and cultural, sports, and entertainment (8.4%) [2][3] Group 2 - The implementation of the Private Economy Promotion Law has significantly improved the policy environment for private investment, enhancing confidence among private enterprises [3][4] - Recent government initiatives have included a series of supportive measures across fiscal, financial, and industrial sectors, aimed at facilitating private investment and removing market barriers [3][4][5] - The approval of new nuclear power projects with increased private sector participation is expected to generate over 200 billion yuan in investment, highlighting opportunities for private enterprises in infrastructure projects [4][5] Group 3 - The National Development and Reform Commission is working to establish a long-term mechanism for private enterprises to participate in major national projects, particularly in nuclear power and railways [5][6] - The introduction of public real estate investment trusts (REITs) for data centers marks a significant step in breaking down financing barriers for private investment in large-scale infrastructure [6] - Future expansion of the REITs market is anticipated to include various sectors, providing broader investment opportunities for private capital [6][7] Group 4 - The government plans to continue enhancing the legal framework, investment incentives, and policy environment to stimulate private investment in emerging and future industries [7][8] - A coordinated approach combining "hard investment" and "soft construction" is emphasized to effectively promote private investment and unlock its potential [7][8] - Experts suggest that guiding more private capital into major infrastructure and social welfare projects will stabilize market expectations and enhance the role of private investment in driving domestic demand and economic growth [8]

Core Viewpoint - The data from the National Bureau of Statistics indicates that private project investment (excluding real estate development) grew by 5.1% year-on-year in the first half of the year, reflecting stable growth. The recent Central Political Bureau meeting emphasized the need to "stimulate the vitality of private investment and expand effective investment," suggesting a focus on enhancing investment efficiency in the second half of the year [1] Investment Environment - Private investment is a crucial support for stabilizing growth, adjusting structure, and promoting employment. The level of private investment activity reflects the internal dynamics of an economy. Despite a 0.6% year-on-year decline in private investment growth due to a drop in real estate development investment, sectors like new energy vehicles, artificial intelligence, and various manufacturing industries showed significant growth [2] - In the first half of the year, private investment growth varied significantly across industries, with notable increases in accommodation and catering (20.3%), infrastructure (9.5%), culture, sports, and entertainment (8.4%), and manufacturing (6.7%) [2] Policy Support - The policy environment for private investment has been improving throughout the year. The implementation of the Private Economy Promotion Law on May 20 marked a significant step in supporting the high-quality development of the private economy, boosting confidence among private enterprises. The Supreme People's Court has also issued guidelines to ensure judicial support for the private economy [3] - A series of policies across fiscal, financial, and industrial sectors have been introduced to facilitate the implementation of the Private Economy Promotion Law, including a new negative list for market access and the promotion of over 3 trillion yuan worth of new projects to private capital [3] Investment Opportunities - Under the "Two New" and "Two Heavy" policies, private investment is increasingly directed towards new and green projects. Recent approvals for nuclear power projects have increased the participation of private enterprises, with total investments exceeding 200 billion yuan [4] - Local governments are actively listing private investment projects, with Jiangsu province alone having 228 major projects funded by private enterprises, totaling an investment of 150 billion yuan [4] Future Directions - The National Development and Reform Commission is working to enhance mechanisms for private enterprises to participate in major national projects, particularly in sectors like nuclear power and railways [5] - The launch of the first public real estate investment trusts (REITs) for data centers indicates a removal of financing barriers for private enterprises in large infrastructure projects, which is expected to broaden investment opportunities in various sectors [6] - The government plans to continue stimulating private investment through legal guarantees, investment incentives, and improved policy environments, focusing on both "hard investments" and "soft construction" to maximize investment potential [7] Recommendations - Experts suggest guiding more private capital into major infrastructure and social welfare projects to stabilize market expectations and enhance the role of private investment in driving domestic demand and economic growth [8]

Core Viewpoint - The data from the National Bureau of Statistics indicates that private project investment (excluding real estate development) has seen a year-on-year growth of 5.1% in the first half of the year, reflecting stable growth. The recent Central Political Bureau meeting emphasized the need to "stimulate the vitality of private investment and expand effective investment," suggesting a focus on enhancing investment efficiency and optimizing the structure of private investment in the second half of the year [1][2]. Investment Environment - The policy environment for private investment has been improving throughout the year, with the implementation of the Private Economy Promotion Law on May 20, which is the first fundamental law regarding the development of the private economy in China. This law has significantly boosted the confidence of private enterprises [3]. - The Supreme People's Court has issued 25 guidelines to support the implementation of the Private Economy Promotion Law, covering market access, financing, and property rights protection, which further enhances the legal framework for private investment [3]. Sector Performance - Despite a 0.6% year-on-year decline in private investment growth due to a downturn in real estate development, certain sectors have shown promising growth. Notably, private investment in the accommodation and catering industry grew by 20.3%, infrastructure by 9.5%, and cultural, sports, and entertainment sectors by 8.4% [2]. - The manufacturing sector also saw a 6.7% increase in private investment, indicating a shift towards high-growth areas as low-end capacities are being phased out [2]. Major Projects and Opportunities - The recent approval of five nuclear power projects by the State Council, with an increased private participation ratio from 10% to 20%, is expected to generate over 200 billion yuan in investment, highlighting significant opportunities for private investment in infrastructure [4]. - In Jiangsu province, there are 228 major projects funded by private enterprises, with a planned investment of 150 billion yuan, focusing on new-generation information technology, renewable energy, and high-end equipment [4]. Future Outlook - The National Development and Reform Commission (NDRC) is working on establishing a long-term mechanism for private enterprises to participate in major national projects, particularly in nuclear power and railways, to further encourage private investment [5]. - The introduction of public real estate investment trusts (REITs) for data centers marks a significant step in breaking down financing barriers for private enterprises in large-scale infrastructure projects, which is expected to enhance private investment confidence in the long run [6]. Policy Coordination - The NDRC plans to continue enhancing the investment environment by focusing on legal guarantees, investment incentives, and innovation-driven policies to stimulate private investment [7]. - The government aims to effectively utilize various investment tools to expand beneficial investments and promote a collaborative approach between public and private sectors to support stable growth in private investment [7]. Recommendations - Experts suggest that more private capital should be directed towards major infrastructure and social welfare projects to stabilize market expectations and enhance the role of private investment in driving domestic demand and economic growth [8].

市领导周凯、张克、尹卫民出席会议。（记者 胡建伟） 8月5日，市委书记马明龙主持召开专题会议，研究推进"两重""两新"工作，进一步统一思想、总结 提升、做实做好，助力全市经济社会发展行稳致远。 会上，马明龙认真听取了市相关部门有关情况汇报，肯定"两重""两新"政策实施以来全市取得的积 极成效，指出"两重""两新"工作是党中央着眼高质量发展全局作出的重大决策部署，是当前经济工作的 关键发力点，也是扩内需、稳增长的重要抓手。要进一步认识抓"两重""两新"工作的重要性，不折不 扣、全力以赴推动"两重""两新"政策落地见效。 马明龙强调，要把握"窗口期"、打好"组合拳"，进一步提高抓"两重""两新"工作的实效性，更好把 政策红利转化成发展红利。提速提效在手项目，加强用地、用能、资金等要素保障，抓紧推进已入围项 目开工建设，及时协调解决项目建设中的难点堵点，加强后续监管服务，尽快形成有效投资。做深做实 谋划储备，"两重"项目方面，要与"十五五"规划、明年省市重大项目谋划结合起来，谋划储备更多补短 板、增动力、后劲足的优质项目，不断充实完善项目储备库；设备更新项目方面，重点聚焦高端化、智 能化、绿色化设备应用，系统摸排企 ...

Core Insights - The National Development and Reform Commission has announced that the construction project list for this year, amounting to 800 billion yuan, has been fully allocated [1] - The third batch of 690 billion yuan in special bonds for consumer goods replacement will be distributed in October, with plans for a fourth batch of the same amount [1] - The focus is on expanding domestic demand and enhancing the resilience of the domestic circulation through high-quality implementation of the "two重" construction projects [1] Group 1 - The "two重" initiatives will continue to support key tasks such as ecological environment protection in the Yangtze River Economic Belt and the construction of public service systems for the urbanization of agricultural transfer populations [1] - The scope of water conservancy support will be expanded to include major irrigation areas and water diversion projects nationwide, along with intercity railway construction in key urban agglomerations [1] - The "two新" initiatives will further broaden the scope of equipment renewal support [1] Group 2 - The effectiveness of the "two重" and "two新" initiatives is attributed to the government's enhanced macro-control foresight, targeting, and effectiveness [1] - The government has strengthened systematic thinking and improved the implementation efficiency of these initiatives [1]