Recently, various localities have successively reported on the "ultra-long-term special treasury bonds" project.
Dachuan District, Dachuan City, Sichuan Province
District Development and Reform Bureau: Up to now, the district has planned to reserve 55 projects within the provincial budget, with a total investment of 9.2 billion yuan and a capital demand of 19900 million yuan; There are 141 ultra-long-term special treasury bond projects with a total investment of 304700 million yuan, capital demand 113900 million yuan; ；There are 94 local ** special bond projects, with a capital demand of 556.5 billion yuan.
Sheyang County, Yancheng City, Jiangsu Province
The county will strengthen the interpretation of the declaration policy for ultra-long-term special treasury bond reserve projects in 2024, do a good job in project reserves in key areas such as energy and grain storage and logistics, and better play an effective investment role. Currently,In 2024, 72 ultra-long-term special treasury bond reserve projects will be preliminarily sorted out, with an annual planned investment of 83200 million yuan。Previously, the committee took the initiative to strengthen the application guidance, and helped three projects in our county, including the transformation of the Chenyang tank farm, the collusion of the river management, and the demolition and construction of the Shuangyang Gate, to be selected as the new national bonds in 2023, and the approved funds were 12.7 billion yuan.
According to the 21st Century Economic Report, local governments are planning to reserve ultra-long-term special treasury bond projects in the near future, and the direction of support isFood security, energy security, industrial chain security, new urbanization, rural revitalizationand other fields.
The same is true in the above areasThe key directions of economic work in 2024。The ** economic work conference held at the end of 2023 proposed that in 2024, it is necessary to do a good job in "three overall planning", namelyCoordinate the expansion of domestic demand and deepen supply-side structural reforms, coordinate new urbanization and comprehensive rural revitalization, and coordinate high-quality development and high-level security
Historically, China has issued special treasury bonds several times: the first time it was used to replenish the capital of the four major banks. The second time is used to buy foreign exchange and inject CIC. The third time was used for anti-epidemic and other related expenditures.
Generally speaking, the special treasury bonds are not included in the deficit, and the logic lies in the fact that the special treasury bonds need to generate income in the fields to which they are invested, and there must be stable cash flows or assets corresponding to them, and the corresponding earnings should be used to repay debts. From the analysis point of view, the special treasury bonds injected into the four major banks and CIC have dividend income, which is a typical special treasury bond, but the income of special treasury bonds in 2020 is not obvious.
In October 2023, the Standing Committee of the National People's Congress deliberated and passed the "Proposal on Increasing the Issuance of Treasury Bonds to Support Post-disaster Recovery and Reconstruction and Enhance Disaster Prevention, Mitigation and Relief Capabilities" (hereinafter referred to as the "Bill"). According to the proposal, the Ministry of Finance will issue an additional 1,000 billion yuan of treasury bonds in the fourth quarter of 2023 to be managed as special treasury bonds.
It is worth noting that this trillion national debt is not a special national debt in the strict sense. Strictly speaking, special government bonds need to be invested in income-generating projects or assets, so they can be excluded from the deficit. The trillion-dollar additional treasury bonds need to be included in the fiscal deficit, which is special in that it is specially used for project construction, and all the additional treasury bonds are arranged to local governments through transfer payments.
Attached Hebei Province grabbed the ultra-long-term special treasury bonds
On December 29, 2023, Zhao County held a scheduling meeting for the planning of ultra-long-term special treasury bond projects to study the situation of the planning reserve projects and the existing problems one by one, and arrange the deployment of the next step. 
On January 9, Zhao County held a scheduling meeting for the planning of ultra-long-term special treasury bond projects to study the situation and existing problems of the planning reserve projects one by one, and arrange the deployment of the next step. 
On January 9, Baixiang County held a scheduling meeting for the planning and reserve of major projects of ultra-long-term treasury bonds and the planning of practical matters for people's livelihood. 
On January 10, Li Dongchen, the magistrate of Quzhou County, listened to the report on the planning of ultra-long-term treasury bond projects. On January 12, Li Dongchen, the county magistrate, listened to the report on the planning of the ultra-long-term treasury bond project of the health system. 
On the morning of January 14, Zaoqiang County held a scheduling meeting for the planning and reserve of ultra-long-term treasury bond projects in 2024 to study and plan reserve projects one by one. 
On January 16, Xue Meihua, Secretary of the Party Working Committee of Chabei Management District, presided over the planning and reserve scheduling meeting of ultra-long-term treasury bond projects to study the situation and existing problems of the planning reserve projects one by one, and arrange and deploy the next step. On January 17, Zhang Yijin, the magistrate of Qinglong County, presided over the scheduling meeting for the planning of ultra-long-term special treasury bond projects. The meeting conveyed the spirit of the emergency meeting on the work of the ultra-long-term special treasury bond project of the city, and arranged and deployed the next step. On the morning of January 18, the Fengrun District Development and Reform Bureau organized and held a meeting to promote the unification of the district's 2024 ** budget funds, ultra-long-term special treasury bond project reserves and 2023 special bond projects. 
On January 18, the Forestry and Grassland Bureau of Huailai County organized a meeting to promote the planning of ultra-long-term treasury bond projects. On January 18, Mu Chunjiang, deputy secretary of the county party committee and county magistrate of Cangxian County, presided over a special meeting on the declaration of ultra-long-term treasury bonds in the executive conference room of the county, and arranged the deployment of the next relevant work. 
On January 18, Mu Chunjiang, deputy secretary of the county party committee and county magistrate of Cangxian County, presided over a special meeting on the declaration of ultra-long-term treasury bonds in the executive conference room of the county, and arranged the deployment of the next relevant work. On January 19, Shijiazhuang SDIC Group held a series of special trainings on local special bonds, ultra-long-term treasury bonds and budgetary funds.