You are here: China > Government > SCIO Briefings >

SCIO press conference on intensifying countercyclical adjustment of fiscal policy to promote high-quality economic development

: 0 Comment(s)Print E-mail China.org.cn, November 25, 2024

Adjust font size:

21st Century Business Herald:

In 2024, China issued 1 trillion yuan in ultra-long special treasury bonds to fund critical national strategies and enhance security capabilities in key areas. How will the funds from these ultra-long special treasury bonds be effectively managed and utilized? Thank you.

Lan Fo'an:

I would like to invite Mr. Wang to answer this question.

Wang Dongwei:

Thank you for your question. Issuing ultra-long special treasury bonds to support critical national strategies and enhance security capabilities in key areas is an important fiscal policy this year. With a focus on effective implementation, the MOF promptly established a dedicated task force to ensure smooth coordination and orderly progress. First, we worked to ensure effective fundraising. By considering project timelines and bond market demand, we strategically designed bond types and established a reasonable issuance pace to meet project requirements, while avoiding idle funds and reducing costs. As of September's end, 752 billion yuan of ultra-long special treasury bonds had been issued, with rates remaining generally stable. Second, we accelerated fund allocation, promptly allocating budgets and disbursing funds based on project lists. Third, we strengthened fund oversight. Recently, the MOF issued interim measures for supervising these funds, listing specific requirements such as establishing a full life-cycle management system, implementing separate account management, setting up a debt repayment reserve fund, and strengthening performance management. We will adopt more rigorous and more concrete measures to ensure that the bonds are effectively managed and utilized.

Moving forward, we'll complete the issuance of 1 trillion yuan in ultra-long special treasury bonds as scheduled, promptly allocating budgets and disbursing funds. We'll strictly enforce fund supervision by establishing a coordinated oversight mechanism with industry regulators and local finance departments. We'll enhance tracking and monitoring, prohibit misappropriation of funds, and promptly address any violations, ensuring that these funds are used safely, properly and efficiently. Thank you.