In the first quarter of 2024, the ability of China's key functional regions to guarantee food, ecological, energy security continued to be strengthened, according to an official with the country's top planner.
The energy-rich areas have further improved their supply capacity. The power generation of north China's Inner Mongolia Autonomous Region increased by 12.3 percent. The power transmission of north China's Shanxi Province increased by 8.8 percent, and the new energy power generation of southwest China's Yunnan Province accounted for 24.2 percent of the province's total electricity generation, reaching a new high.
Steady progress has been made in protecting and restoring functional ecological zones, with the projects to improve water environment, water ecology and water resources systems in the Yangtze and Yellow River basins progressing steadily, and the aquatic biodiversity and ecological restoration capacity of the basins improved continuously.
"We have some key functional areas, such as the main grain producing areas, important energy bases, and important ecological conservation areas. Each different functional area takes its own suitable development path and improves its main functions. We will achieve coordinated regional development in accordance with local conditions," said Zhou Yiren, head of the Institute of Spatial Planning and Regional Economy under the National Development and Reform Commission.
China's ability to guarantee food, ecological, energy security enhanced
The ultra-long special treasury bonds newly issued by China will play a positive role in optimizing debt structure, stimulating investment and consumption, according to Chinese economists.
China will start to issue the first batch of one trillion yuan (about 140 billion U.S. dollars) ultra-long special treasury bonds on Friday to raise funds for major national strategies and build up security capacity in key areas.
The central debt sales will run from May through November. The bonds will include 20-year, 30-year and 50-year securities, according to a statement released by the Ministry of Finance on Monday.
"All underwriting institutions and investment entities can have clear expectations, which reflects the scientific nature of our financial management. On the basis of the first quarter, the ultra-long special treasury bonds will leverage social investment. It also has a positive effect on the capital arrangement and financial stability of the entire market," said Li Xuhong, vice president of Beijing National Accounting Institute.
Li said that judging from the main investment areas, the ultra-long special treasury bonds will be used exclusively for the implementation of major national strategies and the construction of security capabilities in key areas.
"For example, [our ultra-long special treasury bonds] support self-reliance in high-level science and technology, as well as our integrated urban and rural development, coordinated regional development, and food and energy security. In addition, we support the project of Building a Beautiful China. These are all key areas of our support," Li said.
Industry insiders said that ultra-long special treasury bonds are guaranteed by national credit and have the advantages of low risk and strong liquidity. In addition, the yield is higher than that of short and medium treasury bonds.
"Based on previous experience of issuing special government bonds, it is expected that the issuance interest rate will refer to the interest rate of relevant maturity government bonds in the secondary market. With the issuance of ultra-long special treasury bonds, the pace of fiscal expenditures will continue to accelerate, further boosting aggregate demand, and providing stronger support for people's livelihood and technological innovation, thus effectively supporting the continued improvement of the overall economic situation," said Gao Ruidong, chief economist at Everbright Securities.
Ultra-long treasury bonds to optimize debt structure, stimulate investment and consumption: experts
