Core Viewpoint - The issuance of super long-term special government bonds in China is aimed at supporting economic development, with a total issuance of 1.3 trillion yuan planned for 2025, marking a 300 billion yuan increase from 2024 [2][3]. Group 1: Issuance and Economic Impact - The last issuance of super long-term special government bonds for this year occurred on October 14, totaling 1.3 trillion yuan for the year, which has provided strong support for economic development [1][2]. - The National Development and Reform Commission has allocated 690 billion yuan in the fourth batch of super long-term special government bonds to support the consumption upgrade program, with a total of 3 trillion yuan in central funds allocated for the year [2][3]. - The funds from super long-term special government bonds have supported approximately 8,400 projects, leading to total investments exceeding 1 trillion yuan, demonstrating a significant effect on expanding domestic demand [2][3]. Group 2: Characteristics and Management of Bonds - The term "super long-term" indicates that these bonds are designed for projects with longer life cycles, providing patient capital for economic development and enhancing the central bank's market operations [3]. - The "special" designation signifies that these bonds are not a standard tool but are primarily used for counter-cyclical adjustments and promoting high-quality economic development, with fiscal risks being managed within a certain range [3]. - Effective management of the funds from super long-term special government bonds can help control and mitigate fiscal risks, thereby improving the resilience of fiscal operations [3]. Group 3: Recommendations for Fund Utilization - To maximize the effectiveness of super long-term special government bond funds, it is essential to align annual budgets with medium- and long-term budgets, balancing immediate and future financial relationships [4]. - There is a need to shift from a primary focus on investment to a balanced approach that includes both investment and consumption, enhancing the "livelihood content" of fiscal efforts [4]. - Prioritizing projects that can quickly generate tangible outputs and stimulate private investment and consumption is recommended to strengthen the internal driving force of the economy [4].