Super long-term special treasury bonds are here!
The government work report proposed that 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 the construction of security capabilities in key areas. This year, 1 trillion yuan will be issued first.
"Ultra-long term" is reflected in the deadline.
It is generally believed that the issuance period of ultra-long-term bonds is more than 10 years.
Compared with ordinary treasury bonds, ultra-long-term bonds can alleviate short- and medium-term debt repayment pressures and trade time for space.
"Special" is reflected in the purpose.
Special treasury bonds are treasury bonds issued for special purposes and to support specific projects, and the funds need to be earmarked for special use.
According to reports, the ultra-long-term special treasury bonds will focus on supporting the construction of scientific and technological innovation, urban-rural integrated development, coordinated regional development, food and energy security, and high-quality population development.
The potential construction demand in these areas is huge and the investment cycle is long. Existing funding channels are difficult to fully meet the requirements, and there is an urgent need to increase support.
What does the launch of ultra-long-term special government bonds mean?
This means that the foundation for my country’s high-quality development will be more solid.
At present, my country's economic recovery and development still faces many difficulties. The complexity, severity, and uncertainty of the external environment have increased, and effective domestic demand is still insufficient.
This year's issuance of 1 trillion yuan of ultra-long-term special government bonds, which are not included in the deficit and will be issued "for several consecutive years," sends a clear signal to the society that the proactive fiscal policy will be stepped up and effective, which will help boost the expectations of all parties and expand the overall demand, optimize the supply structure, and promote the continued recovery of the economy.
More importantly, the funds are earmarked for the implementation of major national strategies and the construction of security capabilities in key areas, which will lay a higher-quality, more sustainable, and safer foundation for my country's longer-term development.
This means that my country’s macro-control advantages continue to emerge.
Since the 18th National Congress of the Communist Party of China, my country has continuously innovated and improved macro-control, forming a system that combines government and market, short-term and medium- and long-term, inter-cyclical and counter-cyclical, total volume and structure, domestic and international coordination, and coordination of reform and development. A complete macro-control system.
In the practice of effectively and efficiently coping with a series of difficult challenges, macro-control experience has become richer, mechanisms have become more complete, and means have become more sufficient.
The launch of ultra-long-term special treasury bonds, a major policy tool, once again reflects the advantage of my country's ample policy space, which benefits both the present and the long-term.
This means that effective investment will focus on both “expansion” and “quality improvement”.
To consolidate and enhance the positive economic recovery trend, investment needs to better play its key role.
In 2024, in addition to the issuance of ultra-long-term special government bonds, the central budget investment is planned to be 700 billion yuan, an increase of 20 billion yuan from the previous year, and local government special bonds are planned to be 3.9 trillion yuan, an increase of 100 billion yuan from the previous year, plus Most of the 1 trillion yuan in additional government bonds issued in the fourth quarter of last year will also be used this year, and the scale of government investment has increased significantly compared with last year.
Moreover, government investment will be more focused on precise efforts, better play a guiding and driving role in the investment of the whole society, and promote high-quality development and economic transformation and upgrading.
At present, various localities are seizing the opportunities of national policies and actively planning projects, hoping to promote more projects to be included in the "plate" of ultra-long-term government bond funds.
At the national level, the National Development and Reform Commission is working with relevant parties to formulate a specific action plan and start implementation after submitting it for approval according to procedures.
Trillions of "real money" are hard-won and must be cashed in with "hard work".
In the subsequent implementation of ultra-long-term special treasury bonds, we must focus on the construction and reserve of key projects, promote the acceleration of the formation of physical workload, and pay close attention to the use of funds, continue to strengthen fund supervision, and effectively improve the efficiency of the use of treasury bond funds.
(Source of this article: Economic Daily Author: Xiong Li)