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E-mail China.org.cn, May 14, 2024
Yicai:
In the fourth quarter of last year, the central government issued additional treasury bonds worth one trillion yuan. Can you give us a detailed explanation to the use and distribution of these additional funds? And what measures has the MOF taken to strengthen capital supervision? Thank you.
Wang Jianfan:
Thank you for your questions. In accordance with the decisions and arrangements of the CPC Central Committee and the State Council, and upon review and approval by the Standing Committee of the National People's Congress, an additional one trillion yuan of treasury bonds were issued in the fourth quarter of 2023, with a focus on supporting post-disaster recovery and reconstruction and making up for shortcomings in disaster prevention, reduction and relief. It is of great importance to comprehensively improve China's resiliency against natural disasters and better protect the safety of people's lives and property in China. The MOF has earnestly implemented and refined a work plan and has completed tasks in a concrete and orderly manner.
First, we have organized the issuance of treasury bonds well. After the Standing Committee of the National People's Congress reviewed and approved the plan for the additional issuance of treasury bonds, the MOF promptly adjusted the treasury bond issuance plan for the fourth quarter, optimized the issuance window and the mix of bond maturities, mobilized members of the treasury bond underwriting group to prepare for debt repayments and ensured a smooth issuance of additional treasury bonds to raise funds fully. With the coordination and cooperation of all relevant parties, the issuance of one trillion yuan of treasury bonds was successfully completed by the end of 2023.
Second, we have worked hard in allocating funds raised by the issuance of treasury bonds. The National Development and Reform Commission (NDRC) and the MOF, along with relevant departments, have established a special working mechanism to organize the application and review of treasury bond projects in a timely manner. According to the project list determined by the special working mechanism, the MOF had allocated all funds raised by the issuance of the additional treasury bond to localities in advance by this February. We have urged and guided local authorities to use these funds for specific units and projects in line with the pace of progress, resulting in practical outcomes as soon as possible.
Third, we have made good arrangements for funds raised from the issuance of additional treasury bonds. The MOF has established a separate allocation mechanism for these funds. In December of last year, we allocated 500 billion yuan of funds to local governments in two batches. From January to February of this year, we allocated another 500 billion yuan of funds to local governments in three batches. In general, all one trillion yuan has been allocated to localities to ensure that projects in various areas could be launched and promoted smoothly.
Fourth, we have established a supervision system for funds raised by treasury bonds. The MOF formulated the "Measures for the Management of Additional Treasury Bond Issuance in 2023" to standardize the allocation and use of funds raised by the government bonds, to improve the integrated budget management system and to conduct full-process supervision over funds. We have urged local regulatory bureaus to set up normalized supervision mechanisms in order to promptly discover and address existing issues. We have prompted local governments to standardize the use of funds and improve their efficiency.
Next, the MOF will actively utilize its functions, guide local governments to accelerate the implementation of projects and continuously enhance our supervision on the issuance of additional treasury bonds, ensuring the precision and efficiency of fund use. Thank you.
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