The scale of government bonds issued 6.23 trillion yuan during the annual issue increase

Since the beginning of this year, the scale of government bond issuance has grown rapidly. According to Flush iFind data, as of September 21 this year, a total of 127 government bonds issued a total of 127, with a total issuance scale of 6.23 trillion yuan, an increase of 33.8%year -on -year. Among them, 1038.1 billion yuan in government bonds issued in August, a year -on -year increase of 56.2%. One of the highlights of the issuance of government bonds this year is that the proportion of ultra -short -term discounting government bonds has increased, which has played a policy of implementing tax refund tax reductions and the guarantee of Huimin's livelihood funds.

In this regard, Xie Login, a senior investment consultant in Jufeng Investment Consulting, told the Securities Daily that the scale of government bond issuance has grown rapidly, and its support for economic development is prominent. The issuance of government bonds can not only make up for fiscal deficits, but also ensure the achievement of a macroeconomic goal.

Flexible use

Short -term government debt tools fundraising

Feng Lin, a senior analyst at the Ministry of East Jincheng Research and Development Department, told the Securities Daily reporter that in general, the annual issuance scale of Treasury bonds depends on the expiration of the national bond and the size of the central fiscal deficit. The repayment of national bonds this year was significantly higher than last year. According to statistics, the number of government bonds due this year reached 7.107 trillion yuan, an increase of 58.15%over last year. Among them, the number of maturity in the first nine months was 4.75 trillion yuan, an increase of 40.39%year -on -year.

Feng Lin further stated that from the perspective of net financing, the most basic function of government bonds is to make up for the central fiscal deficit. Therefore, the net bond financing amount of government bonds over the years is equivalent to the size of the central budget fiscal deficit. In the first eight months of this year, the net financing amount of Treasury bonds increased by 35.3%year -on -year. The main reason is that this year's fiscal policy has increased, and the demand for financial funding has increased through government bond financing to increase the demand for financial funding. Therefore, the coverage of net financial financing on budget deficit will also increase accordingly.

In terms of time limit, the scale of national bond issuance in critical periods and ultra -long periods has declined. According to Flush iFind data, as of September 21, this year, 55 key periods of national bonds were issued in the five key periods of 1 year, 3 years, 5 years, 7 years, and 10 years. The scale accounted for 53.89%. In the same period last year, 59 were issued, accounting for only 47.6%, and the total issuance scale was 2794.24 billion yuan, accounting for 59.98%.

A total of 11 large -scale national bonds of 30 years and 50 years were issued, accounting for only 8.7%, and the total issuance scale was 270 billion yuan, accounting for 4.33%. In the same period of the same period last year, there were only 11 large -length issuance of Treasury bonds, accounting for only 8.9%, and the total issuance scale was 323 billion yuan, accounting for 6.93%of the scale.

It is worth mentioning that ultra -short -term discounted government bonds issued by a period of less than one year have increased the scale of the issuance of only two. As of September 21, a total of 52 discount debt was issued this year, with only 40.9%, and the total issuance scale was 1954.52 billion yuan, accounting for 31.36%. In the same period last year, 45 were issued, accounting for only 36.29%, and the total issuance scale was 1028.19 billion yuan, accounting for 22.07%. The discounted government bonds issued in the same period last year were only 182 days and 91 days, and this year increased the issuance of 28 days and 62 days.

Yu Lifeng, a senior analyst at the Ministry of Eastern Jincheng Research and Development Department, told the reporter of the Securities Daily that the proportion of super -short -term discounted government bond issuance has increased since this year, mainly two reasons: First, this year's economic stable growth requires better use of emergency funds for government bonds. The function of the second is that compared with the medium -to -long period of national debt, the ultra -short -term discounted government bond interest rate is low, which is conducive to reducing the cost of centralized interest.

The executive meeting of the State Council held on March 29 this year stated that "it is necessary to coordinate the issuance of government bonds and local bonds, maintain a reasonable scale of national treasury funds, ensure the implementation of tax rebate and reduction policy for the grassroots level, and the financial resources needed for Huin people's livelihood to prevent debt risks to prevent debt risks. . Encourage overseas medium and long -term funds to purchase government bonds to implement relevant tax preferential policies. The financial system should strengthen cooperation, ensure the orderly issuance of government bonds, and support project construction financing. "

At the routine briefing of the State Council's policy held on April 12, Wang Xiaolong, director of the Treasury Department of the Ministry of Finance, clearly stated, "If necessary, the short -term national debt tools will be used to raise funds. Grassroots 'three guarantees' bottom lines play a good role in funding. "

According to Zhu Hualei, a senior investment consultant of Jufeng Investment Consulting, the issuance of short -term government bonds can provide more financial support for the development of the real economy, and provide funding for stabilizing the economic market.

Overseas institution

Restore a slight increase in holding the national debt

Judging from the situation of national bonds in various institutions, the reporter According to the latest statistics from the central settlement company, as of the end of August, the scale of commercial banks, insurance institutions, securities companies, and overseas institutions held a national debt of 23665.975 billion yuan, an increase of 191.794 billion yuan from the end of July. Among them, in August, commercial banks reduced their holdings of 48.329 billion yuan, insurance institutions increased their holdings of 5.103 billion yuan, securities companies increased their holdings of 50.344 billion yuan, and unincorporated products increased their holdings by 1611.158 billion yuan.

Feng Lin said that overall, various domestic institutions in the first eight months of this year have increased their holdings of government bonds. The investment of government bonds in the business bank is mainly the main force of government bonds. However, in August, the reduction of government bonds or due to the pre -issuance of local bond issuance in the first half of the year occupied the bank's bond space; the overall increase of insurance institutions to increase the size of the government bonds is relatively small, the insurance institutions fascinated the longer period and higher yields, higher yields, and higher yields. Local debt; broaden -sized funds and securities companies, as trading trays, have strong debt purchases in the first eight months of this year. At the same time, due to the good liquidity of national debt, they are favored by the trading market. In addition, the overall overseas institution of overseas institutions reduced the national bonds in the first eight months. Among them, from February-June, overseas institutions continued to reduce their holdings of government bonds. Zhu Huaye believes that the reduction of national bonds by overseas institutions is mainly due to the continuous interest rate hikes of the Fed in the year. At the same time, the decline in the rate of yields in Chinese government bonds is also one of the factors that caused overseas institutions to reduce their holdings.

Yu Lifeng said that from the historical data, the strength of foreign investment in the domestic bond market is strongly related to the difference between China and the United States. The main reason. However, foreign investment in July and August has resumed slightly increasing holdings of government bonds.

"The reason may be that the new special withdrawal right (SDR) currency basket on August 1 officially took effect. Chinese Treasury bonds have formed hedging for foreign capital outflows that occur due to the spread of China and the United States. "Yu Lifeng believes.

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