In this year's government work report, in order to systematically solve the funding problem of some major projects in the process of building a strong country and national rejuvenation, it is planned to issue ultra long term special treasury bond for several consecutive years starting this year, which will be specifically used for the implementation of major national strategies and the construction of security capacity in key areas. This year, 1 trillion yuan will be issued first. The news of moderate efforts to promote sustained economic recovery has attracted widespread market attention. The first issue of ultra long term special treasury bond in China was in 1998. Why did this government work report mention extra long term special treasury bond? This year, China's proactive fiscal policy needs to be moderately strengthened, mainly by making good use of fiscal policy space, combining various policy tools, maintaining an appropriate expenditure scale, and promoting sustained economic recovery and improvement. Among a variety of policy instruments, the addition of ultra long term special treasury bond is particularly noticeable. Luo Zhiheng, Dean of Yuekai Securities Research Institute and Executive Director of China Taxation Society: This still has a profound significance. We can see that it can expand total demand and consolidate our current economic recovery trend, which is the top short-term goal. Secondly, because you have formed such a major project or project, it has reduced the cost of our economic and social operation, which is conducive to improving the efficiency of economic operation and optimizing the supply structure. The third one optimizes the debt structure of our central and local governments, reducing our debt risk. In addition, experts analyzed that according to the government work report, ultra long term special treasury bond will be issued for several consecutive years from this year, which will help boost market confidence and expectations, and release a signal that positive fiscal policies will better support economic development. What is super long term special treasury bond? For us ordinary people, the treasury bond we often hear about is actually the treasury bond of savings. What are the characteristics of the super long term special treasury bond mentioned in this year's government work report? When it comes to ultra long term special treasury bond, it contains three keywords: ultra long term, special and treasury bond. The so-called ultra long term refers to the term. In the bond market, it is generally believed that interest rate bonds with an issuance period of more than 10 years are "ultra long term bonds". Compared with ordinary treasury bond, ultra long term bonds can ease the pressure of short-term and medium-term debt repayment and trade time for space. Shi Yinghua, a researcher at the Chinese Academy of Financial Sciences, said that its issuance period will be relatively long, which actually alleviates the pressure of short-term repayment and prolongs the entire cycle of its funds. It can be seen that our fiscal policy toolkit is further enriching, which is positive for making good use of policy space and better leveraging the effects of fiscal policy. The so-called "special" refers to the use of funds. It is treasury bond issued for specific purposes and has a clear purpose. The funds need to be earmarked for specific purposes. According to the government work report, the ultra long term special treasury bond mentioned this time is "to systematically solve the funding problem of some major project construction in the process of building a strong country and national rejuvenation", "specifically used for the implementation of major national strategies and security capacity building in key areas", and "1 trillion yuan will be issued first this year", with the goal of promoting sustained economic recovery. Treasury bond, literally, is issued by the state to raise financial funds