Core Viewpoint - The Ministry of Finance plans to issue 750 billion yuan of special government bonds maturing in 2025 on December 12, 2023, through a targeted issuance to specific banks, excluding social and individual investors [1][3]. Group 1: Issuance Details - The upcoming issuance consists of two tranches: a 10-year bond worth 400 billion yuan and a 15-year bond worth 350 billion yuan, following previous issuance methods [3]. - This issuance is a rolling issuance of the original special government bonds, which will not increase the fiscal deficit [1][4]. Group 2: Historical Context - In 2007, the Ministry of Finance issued 1.55 trillion yuan in special government bonds as capital for China Investment Corporation, with maturities primarily of 10 and 15 years [3]. - The Ministry has previously conducted similar rolling issuances in 2017, 2022, and 2024 to repay maturing bonds [3]. Group 3: Economic Implications - Special government bonds are expected to be a favored tool for fiscal expansion, especially during periods of increased counter-cyclical economic policy [4]. - The central government has issued 1.3 trillion yuan in ultra-long-term bonds this year to support major projects and has also issued 500 billion yuan in special government bonds to inject capital into large commercial banks [4].

财政部有关负责人表示，2017年、2022年和2024年上述部分特别国债到期时，财政部向有关银行定 向发行特别国债偿还。对于2025年12月12日即将到期的7500亿元特别国债，财政部将延续以前年度做 法，继续采取滚动发行的方式，向有关银行等额定向发行2025年到期续作特别国债，所筹资金用于偿还 当月到期本金。 记者12月10日从财政部了解到，财政部将于12月12日开展2025年到期续作特别国债发行。此次到期 续作的7500亿元特别国债将在全国银行间债券市场面向有关银行定向发行，期限品种包括10年期4000亿 元、15年期3500亿元。 2007年，经国务院同意和全国人大常委会批准，财政部发行了1.55万亿元特别国债，作为中国投资 有限责任公司的资本金来源。期限主要为10年、15年，2017年起陆续到期。 据介绍，此次发行过程不涉及社会投资者，个人投资者不能购买。"2025年到期续作特别国债是原 特别国债的等额滚动发行，仍与原有资产负债相对应，不增加财政赤字。"这位负责人说。（记者申 铖、刘开雄） 【纠错】 【责任编辑:刘阳】 ...