Accelerate the issuance and use of government bonds to support the expansion of domestic demand and stable economic growth.

On the basis of pre-issuance in the first quarter, since the second quarter, the proportion of new special bonds in newly issued local bonds has increased significantly, and long-term special national bonds used to support "two news" and "two weights" are also being issued orderly. Experts believe that the subsequent issuance of new special bonds, long-term special national bonds, etc. will further accelerate, and the efficiency of fund use is also expected to improve, playing a timely positive role in expanding domestic demand and stabilizing growth. Hu Xiaoli, analyst at Industrial Research, predicts that the scale of government bond issuance in the second quarter may reach 7.8 trillion yuan, with national bond issuance at 4.6 trillion yuan and local bond issuance at 3.3 trillion yuan. In terms of the pace of local bond issuance, the progress in the first quarter has accelerated compared to the same period in 2024, but is still at a relatively low level in historical terms, and it is expected that the pace of issuance in the second quarter will marginally accelerate. In addition, to stabilize the real estate market, many places are pushing forward the issuance of special bonds for land reserve related work. The total issuance of land reserve special bonds in Guangdong, Fujian, Hunan, and other places is approximately 77.4 billion yuan.