special bonds

China's plan to sell 1 trillion yuan ($138 billion) in ultra-long-term treasury bonds marks its latest move to bolster fiscal support for the economy, a step that experts say will stabilize expectations, boost domestic demand and shore up growth.中国计划出售1万亿元（1,380亿美元）超长期国债，这是中国加强财政支持经济的最新举措，专家认为这一举措将稳定预期、促进内需并支撑经济增长。The issuance of 1 trillion yuan in ultra-long central special sovereign bonds will begin on Friday and run until mid-November. Three tenors are being planned — 20-year, 30-year and 50-year bonds, the Ministry of Finance said on Monday.1万亿元超长期特种国债将于5月17日开始发行，一直持续到11月中旬。5月13日，财政部表示，计划发行三种期限的债券——20年期、30年期和50年期。"The ultra-long bond issuance marks the introduction of a new policy tool that will be vital for supporting the government's investment in key projects, which will give full play to the crucial role of government investment in shoring up economic growth," said Zhang Liqun, a researcher at the macroeconomic research department of the Development Research Center of the State Council.国务院发展研究中心宏观经济研究部研究员张立群表示：“超长期债券的发行标志着一种新的政策工具的出台，对支持政府重点项目投资将起到至关重要的作用，这将充分发挥政府投资对经济增长的关键支撑作用。”The country aims to raise funds for major national strategies and build up security capacity in key areas, especially in fields including technological innovation, coordinated regional development, ensuring grain and energy security, and the high-quality development of the population.国家旨在为重大国家战略筹集资金，加强关键领域的安全能力建设，特别是在技术创新、区域协调发展、确保粮食和能源安全以及人口高质量发展等领域。Experts said the issuance and use of the bonds will not only expand effective demand and help achieve the annual growth target this year, but also will be conducive to fostering new quality productive forces and promoting high-quality development in the long run.专家表示，债券的发行和使用不仅可以扩大有效需求，助力今年全年增长目标的实现，从长远来看，也有利于培育新质生产力，推动高质量发展。As the broader economy is still facing pressures from still-weak domestic demand, Zhang, the researcher, said the issuance and use of ultra-long bonds will accelerate the implementation of key projects and boost related orders, thereby promoting production and investment by businesses, stabilizing employment and stimulating consumer spending.张立群研究员表示，在当前经济仍面临内需疲软的压力下，超长期债券的发行和使用将加快重点项目的实施，拉动相关订单，从而促进企业生产和投资，稳定就业，刺激消费。Zhang said the funds that are raised will be used to support key projects and fields, including urban underground pipe network projects, upgrades of the education and healthcare systems, and boosting China's strengths in transportation, providing a solid foundation for China's long-term and high-quality growth.张立群表示，筹集到的资金将用于支持重点项目和领域，包括城市地下管网项目、教育和医疗系统的升级改造、提升中国在交通方面的优势等，为中国的长期和高质量发展提供坚实的基础。Luo Zhiheng, chief economist at Yuekai Securities, said the ultralong bond issuance will help expand demand, consolidate the foundation for economic recovery and optimize the economic structure.粤开证券首席经济学家罗志恒表示，超长债的发行有利于扩大需求，巩固经济复苏基础，优化经济结构。He also said the move will help optimize the debt structure of the central and local governments.他还表示，此举将有助于优化中央和地方政府的债务结构。Hong Hao, chief economist at GROW Investment Group, said the ultra-long treasury bond issuance, together with the special government bond to be issued by November, represents an expansion in fiscal deficit.思睿集团首席经济学家洪灏表示，超长期国债的发行，以及将于11月发行的特种国债，意味着财政赤字的扩大。Together, these bonds represent over 1 percent of GDP and are a powerful fiscal expansion that the market is looking for. In a low-rate environment and with low leverage on the central government's balance sheet, it pays to borrow to boost fiscal expansion, Hong said.这些债券合计占GDP的1%以上，是市场所期待的强有力的财政扩张。洪灏表示，在低利率环境下，中央政府资产负债表的杠杆率较低，借债促进财政扩张是值得的。Regarding China's plan to issue ultra-long, special-purpose treasury bonds for several consecutive years, Liu Sushe, deputy head of the National Development and Reform Commission, said the country has drafted an action plan to support its key strategies and enhance its capacities to ensure security in key areas.关于中国计划连续几年发行超长期特殊用途国债的问题，国家发展和改革委员会副主任刘苏社表示，中国已起草了一份行动计划，以支持中国的重点战略，并提高确保重点领域安全的能力。Liu told a news conference in April that the focus will be on achieving greater self-reliance and strength in science and technology, promoting integrated urban and rural development, and enhancing the capabilities of ensuring grain and energy security.刘苏社在4月份的一次新闻发布会上说，重点将放在增强自力更生能力和科技实力、促进城乡统筹发展、提高保障粮食和能源安全的能力上。Zhao Xijun, co-director of the China Capital Market Research Institute at Renmin University of China, said that issuing ultra-long-term special treasury bonds to support strategically important innovation projects can be an innovative way to leverage fiscal policy to build China's scientific strength.中国人民大学中国资本市场研究院联席院长赵锡军表示，发行超长期特种国债支持具有战略意义的创新项目，可以说是利用财政政策建设中国科技实力的一种创新方式。Louise Loo, lead economist at British think tank Oxford Economics, noted that authorities are pledging the upcoming bond proceeds for the building up of "security capacity" in strategic projects in the areas of science and technology innovation and socioeconomic development.英国智库牛津经济研究院首席经济学家卢姿蕙指出，政府承诺即将获得的债券收益用于建立科技创新和社会经济发展领域战略项目的“安全能力”。On the monetary policy front, Loo said the People's Bank of China, the nation's central bank, is likely to facilitate the increased bond pipeline by keeping liquidity conditions loose and increasing its role in secondary Chinese government bond trading.在货币政策方面，卢姿蕙表示，中国人民银行作为中国的中央银行，可能会通过保持宽松的流动性条件和增加其在中国二级政府债券交易中的作用，来促进债券渠道的增加。ultra-long-term treasury bonds超长期国债new quality productive forces新质生产力fiscal deficit财政赤字