经济发展整体效能的"倍增器" 我国拟从今年开始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域安全能力建 设。5月13日国务院召开的支持"两重"建设部署动员视频会议指出，"发行超长期特别国债支持'两重'建 设，是党中央着眼强国建设和民族复兴全局作出的一项重大决策部署，是推进中国式现代化、推动高质 量发展、把握发展主动权的重要抓手"。 "超长期特别国债的发行和使用，将专项用于'两重'建设，无疑对我国经济发展整体效能可产生深远影 响。"中国信息协会常务理事、国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表 示，一方面，超长期特别国债的发行，有助于缓解国家财政短期压力；另一方面，通过专项支持"两 重"建设，超长期特别国债将推动关键领域技术突破和产业升级，从而带动整个产业链协同发展。 中国财政学会绩效管理专委会副主任委员张依群也对《证券日报》记者表示，当前我国经济正处于结构 转型、技术升级、能量积蓄的发展关键时期，经济要实现稳中求进、稳中求胜的高质量发展，必须要有 强力的政策和资金作为支撑，必须实施积极的财政政策提供坚实保障，财政需要灵活运用"一减一增"原 则，即在连续实施的大规模减税降费政 ...

记者 刘 琪 韩 昱 今日（5月17日），财政部公开招标发行400亿元人民币30年期特别国债，票面利率通过竞争性招标确 定，这期国债从招标结束至2024年5月20日进行分销，5月22日起上市交易。本期国债也正式拉开了本次 万亿元超长期特别国债发行的序幕。 今年《政府工作报告》提出，从今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 和重点领域安全能力建设，今年先发行1万亿元。根据财政部发布的2024年超长期特别国债发行有关安 排，今年拟发行超长期特别国债的期限分别为20年、30年、50年，付息方式均为按半年付息。 事实上，我国曾在1998年、2007年和2020年分别发行过三次特别国债，对经济社会稳定向好发展产生了 积极影响。那么，当前我国为何要发行超长期特别国债？本轮超长期特别国债"特别"之处在哪？货币政 策又将如何配合？《证券日报》记者就上述问题采访了多位业内专家。 "发行超长期特别国债既保增长，又促创新；既利当前，又惠长远；既可助力实体经济，又可推进国家 中长期战略布局。"中国商业经济学会副会长、华德榜创始人宋向清在接受《证券日报》记者采访时认 为，这次发行超长期特别国债具有战略性、综合性 ...

20年期超长期特别国债5月27日面向个人投资者开售，相较上期30年期超长期特别国债，此次投资者的 认购热情更为高涨，招商银行开售不到半小时额度就已售罄，浙商银行相较上期增加了不少额度，也于 当日售罄。 业内人士认为，与30年期超长期特别国债相比，20年期超长期特别国债期限短一些，受个人投资者参与 热情的影响，上市之后不排除出现一定的价格波动，但长期看价格不会大幅偏离面值，零散出现的异常 价格对债市行情整体影响也有限。 认购火爆 相较5月20日推出的30年期超长期特别国债，此次发售的20年期超长期特别国债显得更为抢手。 "10点开始发售的，10点25分左右额度就被抢光了。"招商银行北京地区某理财经理表示，"尽管此次与 上次30年期超长期特别国债的发行额度同为5亿元，但上次的国债直到下午3点半都未售罄。" 浙商银行5月20日发售的30年期超长期特别国债额度为1500万元，当天下午1点半左右即已售罄。该行此 次20年期超长期特别国债的发售额度更高，14点40分左右，记者致电浙商银行杭州地区某支行大堂经 理，该经理表示全行额度已售罄。一位浙商银行北京地区某支行的理财经理表示，投资者的购买额度差 异较大，从三五万元到上 ...

本报记者 韩 昱 5月份以来，各地新增专项债发行明显提速。《证券日报》记者梳理Wind数据发现，截至5月28日，5月 份以来各地发行新增专项债100只，规模达到2990.6252亿元。而4月份整月，各地发行新增专项债31 只，规模为883.2398亿元。相较而言，5月份虽尚未结束，但新增专项债发行规模已相当于4月份3倍 多。 专项债作为带动有效投资的重要抓手之一，其发行和使用近期也备受关注。 4月23日，国家发展改革委官网显示，国家发展改革委联合财政部完成2024年地方政府专项债券项目的 筛选工作，共筛选通过专项债券项目约3.8万个、2024年专项债券需求5.9万亿元左右，为今年3.9万亿元 专项债券发行使用打下坚实基础。 4月30日，中共中央政治局召开会议指出，"要及早发行并用好超长期特别国债，加快专项债发行使用进 度，保持必要的财政支出强度，确保基层'三保'按时足额支出"。 5月21日，国家发展改革委召开5月份新闻发布会，国家发展改革委政策研究室副主任、新闻发言人李超 表示："在扩大有效投资方面，落实超长期特别国债支持国家重大战略实施和重点领域安全能力建设， 加快中央预算内投资下达和地方政府专项债券发行使 ...

Core Viewpoint - The issuance of the 50-year ultra-long special government bonds aims to stimulate market vitality and enhance economic growth potential, with a total planned issuance of 1 trillion yuan this year [1][2]. Group 1: Bond Issuance Details - The 50-year ultra-long special government bond has a planned issuance of 35 billion yuan, with an actual issuance amount of 35 billion yuan [1]. - The coupon rate for this bond is set at 2.53%, with interest payments made semi-annually on June 15 and December 15 each year [1]. - This is the first issuance of a 50-year ultra-long special government bond this year, with previous issuances having a maximum term of 30 years [1]. Group 2: Future Issuance Plans - In 2024, ultra-long special government bonds will include 20-year, 30-year, and 50-year terms, with a total of 22 issuances planned [2]. - The 50-year bonds will be issued three times, with the next two issuances scheduled for August and October [2]. - In June, there will be four issuances of ultra-long special government bonds, including the 50-year bond and renewals of the 30-year bond [2]. Group 3: Market Impact and Investor Considerations - The issuance of ultra-long special government bonds is expected to enhance market expectations and boost confidence in economic development [1]. - Investors, both institutional and individual, are encouraged to consider their financial arrangements and risk tolerance when purchasing bonds of different maturities [2]. - The issuance schedule and interest rate risks vary across different maturities, necessitating a comprehensive evaluation by investors [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice to support large-scale equipment upgrades and the trade-in of consumer goods, allocating approximately 300 billion yuan in special long-term bonds for this purpose [1] Group 1: Equipment Upgrade Support - The notice emphasizes optimizing the support methods for equipment upgrade projects, with a focus on increasing funding for large-scale equipment updates through special long-term bonds [1] - The support will extend to various sectors including industrial, environmental infrastructure, transportation, logistics, education, cultural tourism, and healthcare, as well as energy, old elevators, and key industries for energy conservation and carbon reduction [1] - The application threshold for special long-term bond funding has been lowered, removing the previous requirement for total project investment to be no less than 100 million yuan, thereby supporting small and medium-sized enterprises [1] Group 2: Project Approval and Efficiency - The NDRC will support relevant projects through investment subsidies and simplify the application and approval processes to enhance operational efficiency [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have announced measures to support large-scale equipment upgrades and the replacement of consumer goods, with a funding allocation of approximately 300 billion yuan to stimulate economic growth and enhance industrial modernization [1][4]. Group 1: Funding and Support Measures - The total funding support for equipment upgrades is set at 300 billion yuan, with nearly 150 billion yuan specifically allocated for equipment updates [3][4]. - The measures aim to lower barriers for small and medium-sized enterprises (SMEs) by removing the requirement for project investments to exceed 100 million yuan and optimizing application conditions [3][4]. - The support scope has been expanded to include old elevators and energy sectors, with plans for dynamic adjustments based on actual conditions [3][4]. Group 2: Impact on Consumption - In the first half of the year, investment in equipment and tools increased by 17.3%, contributing 54.8% to overall investment growth [2]. - The measures are expected to positively impact the consumer market, particularly in the automotive and home appliance sectors, with significant increases in subsidy standards for vehicle scrappage and home appliance replacement [6][7]. - The subsidy for scrapping and updating vehicles has been increased to 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles, representing over a 100% increase [7]. Group 3: Consumer Rights and Market Regulation - The State Administration for Market Regulation emphasizes the importance of protecting consumer rights in the implementation of the replacement policies, ensuring product quality and safety [8]. - The administration will focus on key consumer goods, urging manufacturers to establish quality management systems and adhere to safety standards [8].

Core Viewpoint - The issuance of 1 trillion yuan in ultra-long-term special government bonds in 2024 is significant for funding major projects, stabilizing economic growth expectations, and enhancing market confidence [1][2][3]. Group 1: Issuance Details - The third issuance of the 2024 ultra-long-term special government bonds was completed on November 15, with a face value of 50 billion yuan and an annual yield of 2.27% [1]. - A total of 22 issuances of ultra-long-term special government bonds occurred this year, with 3,000 billion yuan for 20-year bonds, 6,000 billion yuan for 30-year bonds, and 1,000 billion yuan for 50-year bonds [2]. Group 2: Economic Impact - The issuance of these bonds is aimed at supporting national strategic implementations and key areas such as infrastructure and technological innovation, effectively driving domestic demand and promoting high-quality development [3][5]. - The bonds help optimize the debt structure, enhance the central government's leverage, and reduce local government debt risks, thereby alleviating the investment burden on local governments [2][3]. Group 3: Future Plans - The government plans to continue issuing ultra-long-term special government bonds in 2025 to support major national strategies and enhance competitiveness and security [5]. - The ongoing issuance is expected to further stabilize economic growth and bolster international market confidence in the Chinese economy [5].

Core Insights - The "Two New" policies have effectively boosted consumption demand, expanded effective investment, promoted transformation and upgrading, and improved social welfare, contributing significantly to the economic recovery [1][5][7] Group 1: Policy Impact - As of July 16, 2.8 billion people have applied for subsidies under the consumption upgrade program, leading to sales exceeding 1.6 trillion yuan [4] - Retail sales of major appliances and audio-visual equipment increased by 30.7%, while retail sales of passenger cars grew by 10.8%, driving a 5% year-on-year increase in total retail sales of consumer goods [4][5] - The investment in equipment and tools rose by 17.3%, significantly outpacing overall investment growth [4] Group 2: Mechanisms and Coordination - A robust coordination mechanism between central and local governments, as well as across departments, has enhanced the efficiency of policy implementation [6][7] - The Ministry of Finance has mandated that provincial finance departments finalize funding allocation plans within 30 days of receiving budget indicators, improving the speed of fund distribution [6] - Multi-department collaboration has ensured market regulation and quality control, effectively preventing fraudulent activities [6][7] Group 3: Future Outlook - The scale of special long-term bonds for equipment upgrades is set to increase to 200 billion yuan by 2025, expanding into new sectors such as electronic information and agricultural facilities [5][8] - The third batch of 69 billion yuan in special long-term bond funds has been allocated, with a fourth batch expected in October, indicating ongoing support for consumption and supply [8] - The "Two New" policies are anticipated to create a solid foundation for sustainable economic growth by enhancing the supply-demand balance [8]

Core Viewpoint - The "Two New" policies have effectively stimulated consumption demand, expanded effective investment, promoted transformation and upgrading, and improved social welfare, contributing significantly to the economic recovery [1][5]. Group 1: Consumption and Investment Impact - As of July 16, 2.8 billion people have applied for subsidies under the consumption upgrade program, leading to sales exceeding 1.6 trillion yuan [4]. - Retail sales of major household appliances and related products saw year-on-year growth rates of 30.7%, 25.4%, 24.1%, and 22.9%, while passenger car retail volume increased by 10.8%, contributing to a 5% year-on-year growth in total retail sales of consumer goods [4]. - Investment in equipment and tools rose by 17.3% year-on-year, significantly outpacing overall investment growth [4]. Group 2: Policy Mechanism and Coordination - The "Two New" policy focuses on creating a dynamic balance between supply and demand, emphasizing the importance of upgrading consumption through targeted subsidies for durable goods [6]. - A robust coordination mechanism among central and local governments, as well as across departments, has been established to enhance policy execution efficiency [7]. - The fiscal department mandates that provincial financial departments finalize funding allocation plans within 30 days of receiving budget indicators, significantly improving the speed of fund distribution [7]. Group 3: Innovation and Local Implementation - Local governments are actively exploring unique implementation strategies, creating a tripartite benefit structure involving the central government, local authorities, and enterprises [8]. - The policy has evolved from mere promotion to intensified support, with an expanding coverage and increasing impact on the economy [8]. - The integration of long-term special bonds with tax incentives and financial credit has created a positive feedback loop for funding, technology, and production capacity [8]. Group 4: Future Outlook and Continued Support - Recent announcements indicate a commitment to further enhance the effectiveness of the "Two New" policies, focusing on key products and equipment while ensuring strict supervision and risk prevention [9]. - The third batch of 69 billion yuan in long-term special bond funds has been allocated, with a fourth batch expected to follow in October, reinforcing the dual approach of stimulating consumption and strengthening supply [9]. - The ongoing efforts are anticipated to inject vitality into the current economy and lay a solid foundation for sustainable economic growth in the future [9].