Group 1 - The central financial institution has completed the bidding process for the second phase of special government bonds for 2025, with a planned issuance of 105 billion yuan [1] - The actual issuance amount of the bonds is 105 billion yuan, with a determined issuance price of 99.66 yuan, translating to an annual yield of 1.64% [1] - The distribution of the newly issued bonds will take place from the end of the bidding until June 5, and from June 9, it will be merged with the previously issued portion of 145 billion yuan for market trading [1]

2025年中央 金融机构注资特别国债（二期）已完成招标工作，本期国债计划发行1450亿元，实际发行 面值金额1450亿元；本期国债期限7年，经招标确定的票面 利率为1.57%，2025年5月15日开始计息，招 标结束后至5月15日进行分销，5月19日起上市交易。 ...

Core Viewpoint - The article highlights the trend of proactive fiscal spending in the early months of the year, with a significant focus on social welfare and public services, despite a decline in overall fiscal revenue growth. Group 1: Fiscal Revenue and Expenditure - In the first two months, general public budget revenue reached 4.4 trillion yuan, showing a year-on-year decline of 1.6%, which is below the previous year's growth of 1.3% and the budget target of 0.1% [3] - The general public budget expenditure was 4.5 trillion yuan, with a year-on-year growth of 3.4%, slightly lower than the previous year's growth and the target of 4.4% [5] - The broad fiscal deficit reached 621.7 billion yuan, marking a historical high for the same period, indicating significant expenditure pressure amid declining revenue [2] Group 2: Focus on Social Welfare - There was a notable increase in the proportion of expenditure directed towards social welfare, education, and employment, while infrastructure spending saw a decrease [6] - The central government's expenditure growth rose to 8.6%, while local government expenditure growth fell to 2.7% [5] - Personal income tax revenue showed a rebound with a growth rate of 26.7%, reflecting marginal improvements in residents' income [4] Group 3: Government Fund Performance - Government fund revenue growth recorded a decline of 10.7%, falling short of the initial budget target of 0.7% [7] - Government fund expenditure growth decreased to 1.2%, which is below the initial target of 23.1% but higher than the previous year's growth of 0.2% [7]