1.3 trillion ultra-long-term special national bonds will soon be issued.

As an important support for expanding domestic demand and promoting consumption, super long-term special national bonds will be opened on April 24th. According to the arrangement of the Ministry of Finance, this year, a total of 1.3 trillion yuan of super long-term special national bonds will be issued, divided into three categories: 20-year, 30-year, and 50-year terms, with a total of 21 issuances scheduled from April to October. Among them, on April 24th, the 20-year and 30-year special national bonds will be first issued with a semi-annual interest payment method, and on May 23rd, the 50-year special national bonds will be first issued. Minister of Finance Lian Fa'an stated at this year's China Development High-Level Forum that this year, China will issue 1.3 trillion yuan of super long-term special national bonds, with 800 billion yuan used to further support "two priorities" projects, and 500 billion yuan used to expand the implementation of "two new" policies. Among them, 300 billion yuan will support the trade-in of old goods for new ones, and 200 billion yuan will support equipment upgrades. Changjiang mentioned in a research report that compared to 2024, the size of super long-term special national bonds in 2025 is larger, with an increase of 300 billion yuan. In terms of issuance pace, compared to the first issuance on May 17th, 2024, the issuance is advanced by almost a month, and the total amount issued in the first few months is also higher than the same period last year, and it is expected to complete the issuance of all super long-term special national bonds one month earlier than last year. Huachu Securities predicts that the peak issuance of super long-term special national bonds will be in May and August, with a monthly scale expected to reach 250 billion yuan; followed by June and September, with a monthly scale expected to reach 220 billion yuan; April and July issuance scale may be between 100 billion yuan and 200 billion yuan; October issuance will be close to completion, and the scale may be relatively limited. Supported by the steady growth policy, investment and consumption performance in the first quarter was relatively impressive. Data released by the National Bureau of Statistics shows that in the first quarter, infrastructure investment (excluding electricity) increased by 5.8% year-on-year, accelerating by 1.4 percentage points compared to the entire previous year. The recovery in infrastructure investment growth is mainly supported by funding. This year's fiscal policy is more proactive, local government debt pressure has been reduced, and infrastructure investment has shifted from central government efforts to a joint effort between the central and local governments. In addition, data shows that in March, the total retail sales of consumer goods increased by 5.9% year-on-year, a significant increase of 1.9 percentage points from January to February. Looking at the cumulative figures, from January to March, the total retail sales of consumer goods increased by 4.6% year-on-year, accelerating by 1.1 percentage points compared to the entire previous year. Luo Zhiheng, chief economist of Yuekai Securities, stated that the further expansion of the scale of super long-term special national bonds not only increases the intensity of support but also expands the scope of support for "two priorities" and "two new". In addition to continuing to optimize the supply structure of a large amount of high-quality infrastructure, it will also actively promote the transformation of equipment updates to high-end, intelligent, and green, and promote consumption. Ma Hong, senior researcher at Guangkai's Chief Industry Research Institute, told Interface News that it is expected that fiscal and monetary policies will increase funding guarantees for key support areas, promoting the development of new productive forces. Investment in high-tech manufacturing is expected to maintain accelerated growth, making a greater contribution to the structural transformation and development of the manufacturing industry. It is expected that by the end of the second quarter, the growth rate of infrastructure investment is expected to continue to expand compared to the end of the first quarter. This article is from "Interface News"; GMTEight Editor: Liu Xuan.