In this year's government work report, in order to systematically solve the funding problems of some major projects in the process of building a strong country and national rejuvenation, it is planned to issue ultra-long-term special treasury bonds for several consecutive years starting from this year, specifically for the implementation of major national strategies and security in key areas. For capacity building, 1 trillion yuan will be issued first this year.
Appropriate efforts will be made to promote continued economic recovery and improvement
This news caused widespread concern in the market.
my country first issued ultra-long-term special treasury bonds in 1998.
Why is ultra-long-term special treasury bonds mentioned again in this government work report?
This year, my country's active fiscal policy will be "appropriately strengthened", mainly to make good use of fiscal policy space, use a variety of policy tools in combination, maintain an appropriate scale of expenditure, and promote the continued recovery of the economy.
Among various policy tools, the addition of ultra-long-term special government bonds is particularly eye-catching.
Luo Zhiheng, president of the Guangdong Securities Research Institute and executive director of the China Taxation Society: This still has a very profound significance.
We can see that it can expand aggregate demand and consolidate our current economic recovery, which is the first short-term goal.
Second, because you form such major projects and major projects, it reduces the cost of our economic and social operations, which is conducive to improving the efficiency of economic operations and optimizing the supply structure.
Thirdly, it optimizes the debt structure of our central and local governments and reduces our debt risks.
In addition, experts analyze that according to the government work report, ultra-long-term special government bonds are planned to be issued for several consecutive years starting this year, which will help boost market confidence and expectations and send a signal that proactive fiscal policies will better support economic development.
What are ultra-long-term special treasury bonds?
For us ordinary people, the national debt we often hear about actually mostly refers to savings bonds.
So what are the characteristics of the ultra-long-term special treasury bonds mentioned in this year’s government work report?
When it comes to ultra-long-term special treasury bonds, it contains three keywords: ultra-long-term, special, and treasury bonds.
The so-called super long-term refers to the period.
In the bond market, interest rate bonds with an issuance period of more than 10 years are generally considered "ultra-long-term bonds."
Compared with ordinary treasury bonds, ultra-long-term bonds can alleviate short- and medium-term debt repayment pressures and trade time for space.
Shi Yinghua, a researcher at the Chinese Academy of Fiscal Sciences: It will be issued for a longer period of time, which actually alleviates the pressure of short- and medium-term repayments and lengthens the entire cycle in which its funds are used.
It can be seen that our fiscal policy toolkit is further enriched, which is positive for making good use of policy space and better exerting the effects of fiscal policy.
The so-called "special" refers to the purpose of funds. It is a treasury bond issued for a specific purpose and has a clear purpose. The funds need to be earmarked for special use.
According to the government work report, the ultra-long-term special treasury bonds mentioned this time are "to systematically solve the funding problems of some major projects in the process of building a strong country and national rejuvenation" and "are specially used for the implementation of major national strategies and security capacity building in key areas. ", and "1 trillion yuan will be issued first this year", with the goal of promoting the continued recovery of the economy.
Treasury bonds literally mean that they are a type of government bonds issued by the state to raise fiscal funds. They have the highest credibility and are recognized as the safest investment tools, so they are also very popular with the people.
(CCTV reporter Wang Nan and Zhang Jun)