In this year's work report, in order to systematically solve the problem of funding for the construction 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 from this year onwards, which will be specially used for the implementation of major national strategies and security capacity building in key areas, and 1 trillion yuan will be issued this year.
Moderate efforts should be made to promote a sustained economic rebound.
This news has aroused widespread concern in the market. China first issued ultra-long-term special treasury bonds in 1998. Why is the ultra-long-term special treasury bond mentioned again in this ** work report?
This year, China's active fiscal policy should be "moderately strengthened," mainly to make good use of the fiscal policy space, combine the use of a variety of policy tools, maintain an appropriate scale of expenditure, and promote a sustained economic rebound. Among the various policy instruments, the addition of ultra-long-term special government bonds is particularly eye-catching.
Luo Zhiheng, President of the Guangdong Kai** 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 upswing, which is the number one short-term goal. Second, because you have formed such major projects and major projects, it will reduce the cost of our economic and social operation, which is conducive to improving the efficiency of economic operation and optimizing the supply structure. Thirdly, it optimizes our debt structure and reduces our debt risk.
In addition, according to the analysis of experts, according to the work report, ultra-long-term special treasury bonds will be issued for several consecutive years from this year, which will help boost market confidence and expectations, and release a signal that a positive fiscal policy will better support economic development.
What are ultra-long-term special government bonds?
For us ordinary people, most of the treasury bonds that we can often hear about actually refer to savings treasury bonds. So what are the characteristics of the ultra-long-term special treasury bonds mentioned in this year's work report?
When it comes to ultra-long-term special treasury bonds, there are three key words: ultra-long-term, special, and treasury bonds.
The so-called ultra-long-term refers to the term. In the bond market, interest rate bonds with a maturity of more than 10 years are generally considered to be "ultra-long-term bonds". Compared with ordinary government bonds, ultra-long-term bonds can alleviate the pressure of debt repayment in the short and medium term, exchanging time for space.
Quartz Hua, a researcher at the Chinese Academy of Fiscal Sciences: It will be issued for a longer period of time, so this will actually alleviate the pressure of short- and medium-term repayment, and will lengthen the entire cycle of its funds. It can be seen that the toolkit of our fiscal policy is being further enriched, and it is positive to make good use of the policy space and give better play to the effects of fiscal policy.
The so-called "special" refers to the use of funds, which are treasury bonds issued for specific targets and have a clear purpose, and the funds need to be earmarked. According to the work report, the ultra-long-term special treasury bonds mentioned this time are "in order to systematically solve the financial problems of the construction of some major projects in the process of building a strong country and national rejuvenation", "specially used for the implementation of major national strategies and security capacity building in key areas", and "1 trillion yuan will be issued this year", with the goal of promoting a sustained economic recovery.
Treasury bonds, which literally means, are a kind of ** bonds issued by the state in order to raise financial funds, with the highest creditworthiness, and are recognized as the safest investment tools, so they are also very popular with the people.
CCTV reporter Wang Nan Zhang Jun).
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