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Today (13th), the Ministry of Finance announced the relevant arrangements for the issuance of general treasury bonds and ultra long term special treasury bonds in 2024. According to the arrangement, the term of ultra long term special treasury bonds includes 20 years, 30 years and 50 years, all of which pay interest half a year. Among them, the 30-year term will be issued on May 17 first.
The 2024 government work report proposed that, in order to systematically solve the funding problem 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 this year, which will be specifically used for the implementation of major national strategies and the construction of security capacity in key areas. This year, it will issue 1 trillion yuan first.
According to the Securities Times, on March 6, the economic theme press conference of the second session of the 14th National People's Congress was held. Zheng Jiejie, director of the National Development and Reform Commission, said that the issuance and use of ultra long term special national debt is a major policy measure, and expanding effective investment is an important policy priority. Starting this year, we will issue extra long term special treasury bonds in the next few years, which will be specially used for the implementation of major national strategies and the construction of security capacity in key areas. This will benefit both the current and the long-term.
Liu Sushe, Deputy Director of the National Development and Reform Commission, said at the press conference of the Office of the State Council in mid April that the National Development and Reform Commission, together with relevant parties, had studied and drafted an action plan to support security capacity-building in major national strategies and key areas, which would be organized and implemented after approval.
Liu Sushe pointed out that the action plan will focus on supporting a number of important and difficult issues related to modernization, development needs, many years of thinking but failed to do, and the need to promote the central level, adhere to high-quality development and high-level security benign interaction, and consolidate the foundation of national security and long-term development; Adhere to overall planning of hard investment and soft construction, and use reform methods and innovative ideas to break down deep-seated obstacles; Adhere to the step-by-step implementation and orderly progress, and issue 1 trillion yuan of ultra long-term special treasury bonds in 2024.
Photo source: Daily Economic News Liu Guomei What is the super long term special national debt? Where in particular? In what fields? How to manage and use it well?
What is super long term special national debt?
The super long term special national debt can be broken down into three key words: national debt, special and super long term.
National debt: A government bond issued by the central government to raise financial funds. Since the issuing subject of national debt is the country, it has the highest credit rating and is recognized as the safest investment tool.
Special: The special national debt issued this time refers to the national debt issued for a specific purpose in a specific period of time, which is not included in the deficit and does not increase the deficit rate.
Ultra long term: In terms of issuing period, the ultra long term generally means that the issuing period is not less than 10 years. The ultra long term special treasury bonds to be issued this year are divided into three types: 20 years, 30 years and 50 years.
In addition, according to the relevant deployment, it is planned to issue ultra long term special treasury bonds for several consecutive years this year, which also releases the keynote of implementing active fiscal policies in the next few years, helping to stabilize expectations and boost confidence.
What is the impact of issuing super long term special treasury bonds?
From the historical experience, the issuance of special treasury bonds has had a positive impact on the stability and development of the economy and society. China has issued special treasury bonds in 1998, 2007 and 2020.
According to experts, the issuance of ultra long term special treasury bonds is not only beneficial to the current situation, but also beneficial to the long-term. It will help stimulate investment and consumption, promote the transformation of economic momentum, build a modern industrial system, and develop new quality productivity.
At the same time, it will also help optimize the debt structure. Compared with local governments, the central government issues bonds at a lower cost and with a longer cycle. The super long term special national debt has formed high-quality assets, avoided the risk caused by excessive local leverage, and made room for local finance.
When will ultra long term treasury bonds start? What areas will be supported?
According to the issuance arrangement, seven 20-year super long term special bonds will be issued this year, including two for the first time and five for the second time, which will be issued as early as May 24; Twelve 30-year ultra long term special bonds will be issued, including three for the first time and nine for the second time, which will be issued as early as May 17; It is planned to issue three 50 year super long term special bonds, including one for the first time and two for the second time, which will be issued as early as June 14.
In terms of the preliminary preparations for ultra long term special national debt, Liu Sushe, Deputy Director of the National Development and Reform Commission, previously introduced at the press conference of the Office of the State Council that, according to the deployment of the Party Central Committee and the State Council, the National Development and Reform Commission, together with relevant parties, has studied and drafted an action plan to support the building of security capacity in major national strategies and key areas, and will organize and implement it after approval.
In terms of support, the focus will be on the key tasks of accelerating self-reliance in high-level science and technology, promoting the integrated development of urban and rural areas, promoting regional coordinated development, improving the ability to guarantee food and energy resources security, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China.
How to manage and make good use of super long term special treasury bond funds?
In terms of the organization and implementation of the action plan, Liu Sushe said that he will adhere to the principle of "projects follow the planning, funds follow the projects, and supervision follow the funds". The NDRC will take the lead to work with relevant departments to effectively strengthen overall coordination, do a good job in fund guarantee, optimize the input mode, and increase supervision. In particular, it is necessary to quickly approve and build a batch of mature preliminary work For qualified projects, we will also accelerate the introduction and implementation of relevant supporting policies, break down deep-seated obstacles through institutional and mechanism reform, form a joint force with major project construction, and ensure the implementation of high-quality tasks with clear action plans.
Wang Jianfan, Director of the Budget Department of the Ministry of Finance, said that he would study and establish a supervision mechanism in combination with the actual situation of ultra long term special national debt funds, strengthen the supervision of the whole process of fund allocation, distribution and use, and ensure standardized, safe and efficient use.
How will it affect market liquidity?
Judging from the signals released by various parties concerned, the issuance and use of special bonds will be accelerated while the ultra long term special bonds are launched in time.
Experts believe that the increase in the supply of government bonds will lead to a corresponding increase in the medium and long-term liquidity demand, and the implementation of RRR reduction at this stage can create a suitable liquidity environment. "In the second quarter, the issuance rate of government bonds and policy bank bonds will speed up. In the third quarter, the issuance peak may come. The central bank may consider reducing the reserve ratio to provide liquidity and coordinate with fiscal policy to smooth the capital fluctuation." Galaxy China Zhang Jun, chief economist and president of the Institute, said.
In addition, the market expects that the central bank will also flexibly grasp the operation of policy tools such as open market reverse repo, accurately hedge the short-term impact of financial bond issuance factors, and maintain the stable operation of market interest rates. In order to enrich the liquidity management toolbox, the central bank may include the purchase and sale of government bonds into the reserve of policy instruments in the future.
Daily Economic News Comprehensive China Securities News, Ministry of Finance, Securities Times
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