In 2024, China’s Ministry of Finance announced it will continue issuing ultra-long-term special treasury bonds—a follow-up to their initial introduction in 2023. These ‘ultra-long-term special treasury bonds’ typically have maturities exceeding 20 years and are designated for specific purposes, such as funding major national strategic projects, infrastructure development, and addressing medium- to long-term fiscal needs. Unlike regular government bonds, special treasury bonds are not counted toward the official fiscal deficit and require approval by the National People’s Congress for their use, ensuring strong policy orientation and transparency. Continuing their issuance this year reflects the central government’s proactive fiscal stance in stabilizing growth, advancing reforms, and improving public welfare. It also signals a clear commitment to strengthening macroeconomic regulation and supporting sustained economic recovery. The ultra-long maturity structure aligns well with the investment cycles of large-scale projects, reduces short-term debt repayment pressure, and enhances the sustainability of public finances.
2024年，财政部宣布将继续安排发行超长期特别国债，这是继2023年首次推出该类债券后的延续性举措。所谓‘超长期特别国债’，通常指期限在20年以上的政府债券，具有专项用途，主要用于支持国家重大战略项目、基础设施建设以及应对中长期财政需求。此类国债的发行不仅有助于优化政府债务结构，还能为经济高质量发展提供稳定的资金保障。与普通国债不同，特别国债不计入财政赤字，其资金使用需经全国人大批准，具有高度的政策导向性和透明度。今年继续安排发行，体现了中央财政在稳增长、促改革、惠民生方面的积极作为，也释放出加强宏观调控、推动经济持续回升向好的明确信号。同时，超长期限的设计有利于匹配重大项目的投资周期，降低短期偿债压力，增强财政可持续性。
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