做到"适时加力"，要求政策工具储备更加充足、工具选择更加精准，确保关键时刻能有充足"弹药"投放 到最需要的领域。此次会议作出的一系列重要部署中，各项结构性货币政策工具的加力支持，瞄准了科 技创新、提振消费、小微企业、稳定外贸等。这4个领域，对应着实现高水平科技自立自强、激活国内 大市场和内需潜力、惠企纾困稳定就业基本盘、应对外部环境急剧变化的不确定性等现实中的难点堵 点，需要政策工具精准滴灌。 越来越多"发力""加力"政策推出之后，协同配合的问题也会更加突出。只有从全局高度审视不同领域的 宏观政策，增强宏观政策取向一致性，把非经济性政策纳入宏观政策取向一致性评估，强化政策统筹， 才能更好实现既定发展目标。 我国经济正处于转型升级的关键阶段，此时强调宏观政策持续发力适时加力，既是对复杂形势的主动回 应，也是对高质量发展要求的深刻把握。保持战略定力，用好发展机遇、潜力和优势，集中精力办好自 己的事，我们就能在激烈国际竞争中赢得战略主动，为"十四五"圆满收官奠定坚实基础。 （文章来源：经济日报） "十四五"规划收官之年，做好下半年经济工作至为关键。 中央政治局日前召开会议，分析研究当前经济形势和经济工作，强调"宏观 ...

Core Viewpoint - The issuance of ultra-long-term special government bonds aims to support the construction of major national strategies and key security capabilities, addressing the funding gap for extensive and complex projects [1][2]. Group 1: Funding Allocation and Project Scope - In 2024, China plans to allocate 700 billion yuan in ultra-long-term special government bonds for 1,465 "two major" projects, including urban underground pipeline upgrades exceeding 80,000 kilometers and sewage network renovations along the Yangtze River totaling 13,000 kilometers [1]. - The funding will also support comprehensive land management in arid regions covering nearly 40 million acres, as well as infrastructure projects such as railways, highways, and airports [1]. Group 2: Economic Policy and Leverage - The increase in ultra-long-term special government bonds is a key aspect of implementing a more proactive fiscal policy by 2025, aimed at boosting domestic demand amid economic recovery challenges [2]. - As of the end of 2024, the central and local government leverage ratios are 25.6% and 35.2%, respectively, indicating that the central government has more room for leverage compared to local governments [2]. Group 3: Investment Efficiency and Coordination - There is a need to dynamically optimize the allocation of ultra-long-term special government bonds, focusing on major strategic projects to enhance investment efficiency [3]. - A mechanism for regular evaluation and adjustment of the support scope for ultra-long-term special government bonds will be established to monitor effectiveness and inform future investment decisions [3]. Group 4: Integration of Hard and Soft Investments - The strategy emphasizes the importance of balancing "hard investments" with "soft construction," ensuring that project implementation is complemented by necessary reforms and innovations [4]. - For instance, improving the water pricing mechanism and market construction is essential to enhance the effectiveness of investments in water infrastructure projects [4]. Group 5: Diverse Funding Mechanisms - A multi-level funding mechanism will be developed to integrate central and local funds, as well as public and private investments, to maximize the overall effectiveness of funding [5]. - The strategy includes optimizing the support ratio for ultra-long-term special government bonds, potentially increasing support for significant public welfare projects to encourage local participation [5].