According to Feng Mingming, deputy director of the Comprehensive Economic Research Department of the Institute of Finance and Economics of China Academy of Social Sciences and a researcher at Tsinghua University ACCEPT, the third issue of special government bonds is mainly in the form of directional issuance, mainly reserved by state-owned banks, and some of them are publicly issued to the public. At the same time, the central bank will release funds by reducing RRR or reducing the deposit reserve ratio in a targeted manner to ensure that market liquidity will not be affected by the issuance of special government bonds. Let me first introduce the significance of issuing special national debt.

The purpose of issuing special bonds is as follows:

(1) Restrain currency liquidity and ease the hedging pressure of the People's Bank of China.

(2) It is helpful to promote the coordination of fiscal policy and monetary policy and improve macro-control.

(3) It is conducive to reducing the scale of foreign exchange reserves and improving the level of foreign exchange operating income.