National Business Daily:

It was proposed in this year's government work report that starting this year ultra-long special treasury bonds will be issued for the next several years. These bonds will be used to implement major national strategies and build up security capacity in key areas. One trillion yuan of such bonds will be issued in 2024. My questions are: What has the MOF done in regard to ultra-long special treasury bonds? And what is being planned for the next step? 

Wang Jianfan:

Thank you for your questions. The issuance of ultra-long special treasury bonds is a major strategic decision made by the CPC Central Committee and the State Council, which is of great importance when it comes to building a great country and achieving national rejuvenation. With examination and approval by the National People's Congress, the MOF has included in the budget for 2024 the revenue and expenditure generated from ultra-long special treasury bonds in 2024. Meanwhile, the preparatory work for ultra-long special treasury bond issuance has made steady progress. The ministry has actively participated in making an action plan to support the implementation of major national strategies and enhance the country's capacities to ensure security in key areas.

For the next step, with a focus on implementation, the MOF will closely coordinate and cooperate with relevant authorities in all work involving ultra-long special treasury bonds.

First, we will promptly issue ultra-long special treasury bonds according to their project allocations. Based on the bond market demand and the implementation timetable of projects supported by ultra-long special treasury bonds, we will scientifically design bond variety and maturity, so that the bond issuance will match the projects' timespan. Meanwhile, we will coordinate the issuance of general treasury bonds and special treasury bonds, ensuring that they are issued at the right pace and satisfying funding needs for projects supported by special treasury bonds. 

Second, we will strengthen coordination between central and local government funds, and between existing funds and the increase of funds. With funds raised from the issuance of ultra-long special treasury bonds, they will form a synergy so that their overall effectiveness is enhanced.

Third, we will study and establish supervision mechanisms based on funds raised from the issuance of ultra-long special treasury bonds. We will strengthen supervision over the whole process of fund allocation, distribution and utilization, ensuring the funds are well regulated and used in a safe and efficient way.