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[The first phase of the 400 billion yuan special government bond issued this time is a 10-year fixed-rate interest-bearing bond with a par value of 300 billion yuan. The second phase is a 15-year fixed-rate interest-bearing bond with a par value of 100 billion yuan.]

The Ministry of Finance once again carried out targeted re-issuance operations for the special government bonds that had previously expired.

On August 19, the Ministry of Finance’s website published the “Notice on Matters Concerning the Issuance of Special Treasury Bonds (Phase I and Phase II) Due in 2024” (hereinafter referred to as the “Notice”), which plans to issue two phases of special treasury bonds totaling 400 billion yuan on August 29, and will be issued to relevant banks on a targeted basis. The People’s Bank of China will conduct open market operations for relevant banks.

The 400 billion yuan special government bonds are different from the 1 trillion yuan ultra-long-term special government bonds planned to be issued this year.

A relevant person in charge of the Ministry of Finance explained that in 2007, with the consent of the State Council and the approval of the Standing Committee of the National People's Congress, the Ministry of Finance issued 1.55 trillion yuan of special government bonds as the capital source of China Investment Corporation. The terms are mainly 10 years and 15 years, and they will mature one after another starting from 2017. When some of the above special government bonds mature in 2017 and 2022, the Ministry of Finance will issue special government bonds to relevant banks for repayment.

In 2017, the Ministry of Finance issued a total of 696.4 billion yuan of special treasury bonds to repay the principal that had matured previously. Among them, the 2017 special treasury bonds (first phase) issued on August 29 of that year had a face value of 400 billion yuan and a term of 7 years, which expired at the end of August this year.