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Our reporter Han Yu

On May 20, the first ultra-long-term special treasury bond (30-year) of this year, which was successfully tendered a few days ago, begins to bear interest and will be listed for trading on May 22. From the result of the tender, the coupon rate determined by the tender is 2.Zodiaccasino.57%, with a total issuance amount of 40 billion yuan. At the same time, the multiple of the whole court is 3.Zodiaccasino.9. The data with a marginal multiple of 382.6 also reflects investors' recognition of ultra-long-term special treasury bonds and high enthusiasm for subscription. According to a notice issued by the Ministry of Finance on May 17, the ultra-long-term special treasury bonds (second issue) (20-year) of 2024 will also be issued by public tender on May 24.

While being recognized by investors, the industry expects that the issuance and use of ultra-long-term special treasury bonds will lay the foundation for the long-term and high-quality development of China's economy. So, what kind of positive effect will the ultra-long-term special treasury bonds that have landed have on China's economic development?Zodiaccasino? What role will it play in promoting and promoting the development of new quality productive forces? A reporter from the Securities Daily interviewed industry experts on the above issues.

The "multiplier" of the overall efficiency of economic development

Starting from this year, China plans to issue ultra-long-term special treasury bonds for several consecutive years, specifically for the implementation of major national strategies and security capacity-building in key areas. A video conference held by the State Council on 13 May to support the deployment and mobilization of the "dual" construction pointed out that "the issuance of ultra-long-term special treasury bonds to support the 'dual' construction is a major policy decision made by the CPC Central Committee focusing on the overall situation of building a powerful country and national rejuvenation." it is an important starting point for promoting Chinese-style modernization, promoting high-quality development, and grasping the initiative of development.

"the issuance and use of ultra-long-term special treasury bonds will be specially used for 'dual' construction, which will undoubtedly have a far-reaching impact on the overall efficiency of China's economic development." Zhu Ke, executive director of the China Information Association and founding director of the National Research Institute of New Economics, said in an interview with the Securities Daily that on the one hand, the issuance of ultra-long-term special treasury bonds will help alleviate the short-term pressure on national finance; on the other hand, through special support for "dual" construction, ultra-long-term special treasury bonds will promote technological breakthroughs and industrial upgrading in key areas, thus promoting the coordinated development of the entire industrial chain.

Zhang Yiqun, vice chairman of the performance Management Special Committee of the China Financial Association, also told the Securities Daily that at present, China's economy is in a critical period of structural transformation, technological upgrading and energy saving. in order to achieve high-quality development of seeking progress and winning in stability, there must be strong policies and funds as support, and active fiscal policies must be implemented to provide solid guarantee. Finance needs to flexibly apply the principle of "one decrease and one increase", that is, to increase the sources of financial funds under the continuous implementation of large-scale tax and fee reduction policies, and the issuance of ultra-long-term special treasury bonds will naturally become the key first choice for major economic decisions. it can form a long-term and long-term help for the critical period of China's economic transformation and development.

The latest report card on national economic operation released on May 17 shows that in April this year, although some indicators were affected by such factors as holidays, wrong months and a high base in the same period last year, the year-on-year growth rate slowed down, but the growth rate of industry, imports and exports accelerated, employment prices improved in general, enterprises are expected to remain in the boom range, high-quality development is steadily advancing, and the overall economic operation is stable, continuing the trend of recovery and improvement.

With regard to the economic trend for the whole year, Liu Aihua, spokesman for the National Bureau of Statistics, chief economist, and director of the National Economic Comprehensive Statistics Department, said at a press conference held by the State Information Office: "recently, arrangements for issuing trillion yuan of ultra-long-term special treasury bonds have been introduced to support the implementation of the country's major strategy and security capacity building in key areas, which will effectively boost real economic development and boost market confidence. With the gradual landing of policy, capital and other elements of support, the acceleration of investment and construction in major strategic areas of the country will help to promote sustained economic recovery and improvement. "

According to Luo Zhiheng, chief economist and director of the Research Institute of Yuekai Securities, issuing and using ultra-long-term special treasury bonds is of positive significance in promoting the recovery of China's economy, optimizing the supply structure, reducing debt risks, enriching financial investment varieties and promoting financial and fiscal coordination. One of the points is that it can expand aggregate demand and consolidate the economic recovery to a good foundation. Issuing ultra-long-term special treasury bonds can directly provide the government with more financial funds for the construction of some major projects in the process of building a powerful country and national rejuvenation, which is objectively conducive to boosting aggregate demand and market confidence. When aggregate demand increases, government spending is converted into household and corporate income, economic activity becomes more active, and business and consumer confidence increases, which will help consolidate the foundation for China's economic recovery.

In addition, Zhu Keli also said that the issuance of ultra-long-term special treasury bonds is also expected to improve the efficiency of capital allocation and use efficiency. This development model of deep integration of finance and real economy will inject new momentum and vitality into the high-quality development of China's economy.

The "booster" for the cultivation of new quality productive forces

zodiaccasino| Ultra-long-term special treasury bonds help cultivate new quality productivity and enhance China's economic endogenous growth momentum

The "ultra-long term" in ultra-long-term special treasury bonds generally refers to treasury bonds with a maturity of more than 10 years. It is understood that the issuance of ultra-long-term treasury bonds is also relatively common in the world. Luo Zhiheng said that in overseas markets, almost all major economies have chosen to issue ultra-long-term treasury bonds as a means of financial financing. At the same time, the investment of ultra-long-term treasury bonds is closely related to the public financial policy objectives of various countries. Japan, for example, uses ultra-long-term government bonds in key areas such as refinancing and supporting its pension spending. This choice of capital investment not only reflects the focus of various countries' fiscal policies, but also shows their strategic considerations for future economic and social development.

Liu Sushe, vice minister of the National Development and Reform Commission, said at a press conference held by the State Information Office that in the field of support, ultra-long-term special treasury bonds focus on the key tasks of accelerating the realization of high-level scientific and technological self-reliance, promoting the integrated development of urban and rural areas, promoting coordinated regional development, enhancing the security capacity of food and energy resources, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China.

"These areas are closely related to the transformation, upgrading and high-quality development of my country's economy in the next few decades, and will play a crucial role in promoting the goal of socialist modernization." Lian Ping, president and chief economist of the Chief Industrial Research Institute of Guangkai, told a reporter from Securities Daily that compared with the previous issuance of special treasury bonds to replenish bank capital, inject capital into specific financial institutions or support the fight against the epidemic, A prominent feature of this round of ultra-long-term special treasury bonds is that the issuance use is particularly highly correlated with the economy and high-quality development.

This year's "Government Work Report" lists "vigorously promoting the construction of a modern industrial system and accelerating the development of new quality productive forces" as the first task of government work in 2024. Scientific and technological innovation is one of the core elements in the development of new quality productivity. In terms of support areas, this round of ultra-long-term special treasury bonds includes accelerating the realization of high-level scientific and technological self-reliance and self-reliance. Funds may be invested in new quality productivity. It is also considered by the industry to be this ultra-long-term special treasury bonds. One of the highlights of the issuance.

"The cultivation of new productivity requires more funds to be invested in basic research, which requires a large scale of funds and a long cycle." Bai Yanfeng, a professor at the School of Finance and Taxation of the Central University of Finance and Economics, told a reporter from Securities Daily that ultra-long-term special treasury bonds are institutional arrangements that give full play to my country's institutional advantages and seize the commanding heights of a new round of scientific and technological revolution and innovation.

Dong Zhongyun, chief economist of AVIC Securities, also analyzed to reporters. First of all, the issuance of ultra-long-term special treasury bonds can provide a long-term stable supply of funds for related projects to cultivate new quality productivity, and help solve the shortage of funds and cycles faced in cultivating new quality productivity. Long issues promote the sustainable development of high-tech R & D and emerging industries.

Secondly, successful projects of ultra-long-term special treasury bonds investment can serve as demonstration cases to further attract and leverage more social capital to follow up investment, promote the formation of a virtuous cycle of government guidance and social capital participation, further stimulate market vitality, and amplify the use of fiscal funds. effect.

Finally, ultra-long-term special treasury bonds focus on promoting the integrated development of urban and rural areas and promoting coordinated regional development. They also help promote the free flow of talents, capital and other factors, thereby optimizing the layout of productivity, improving resource allocation efficiency, and creating good conditions for the development of new productive forces. Market environment.

"The issuance of ultra-long-term special treasury bonds has injected strong financial power into fields such as scientific and technological innovation and integrated urban-rural development. This measure not only demonstrates the country's full emphasis on new productive forces, but also a profound improvement in the endogenous growth momentum of China's economy." Zhu Keli said.