On May 21. 2020. the National People's Congress of China officially opened. "New infrastructure" is one of the topics most concerned by the National People's Congress and the National People's Congress. It has become an important force to promote China's economic recovery and development. At present, 13 provinces and municipalities have issued investment plans for key projects in 2020. and 8 of them have announced the total planned investment amount, with a total of 33.83 trillion yuan, driving investment of trillions of yuan, which is the economic recovery and market development of China after the service. Bring new opportunities. On June 18. 1 trillion yuan of anti-epidemic special treasury bonds were issued one after another. At the same time, special treasury bond declarations were also issued to the provinces. How special national debts drive the economy and improve people's livelihood is the focus of attention from all walks of life.

　　According to the report of the First Financial Daily on Sunday, the newspaper obtained a declaration notice for the special anti-epidemic government bonds of a certain province, indicating that the declared projects are divided into two categories: infrastructure construction projects and epidemic-related expenditures. Among them, the quota for capital construction projects is 700 billion yuan, which requires income guarantee. This fund is allowed to be used as project capital; the quota for anti-epidemic expenditures is 300 billion yuan.

　　According to expert estimates, judging from the 700 billion yuan used for infrastructure projects, special government bonds can drive 1 trillion to 3.5 trillion yuan in infrastructure investment, the specific amount depends on the proportion used as project capital. If calculated according to the minimum capital ratio of 20%, and all the 700 billion yuan special national debt is used as principal, it can drive up to 3.5 trillion yuan in infrastructure investment.

　　In November last year, the State Council executive meeting proposed to reduce the minimum capital ratio of some infrastructure projects, such as the minimum capital ratio of ports, coastal and inland shipping projects from 25% to 20%, roads, railways, urban construction, logistics, ecological environmental protection, social The minimum rate of capital for infrastructure projects in terms of people's livelihood and other aspects has not been reduced by more than 5 percentage points. In May, the monthly growth rate of infrastructure investment has exceeded 10%. It is expected that infrastructure investment in the second half of this year will continue to maintain double-digit growth and is expected to reach about 20% throughout the year. "After the early policies and funds have been implemented in succession, the growth rate of infrastructure investment during the year will show a tendency to accelerate and increase, forming a pattern of leading infrastructure, accompanying real estate investment, and investment stimulating economic recovery.

　　At the two national conferences held in May this year, Premier Li Keqiang pointed out in his "Government Work Report" that this year's deficit rate is planned to be arranged at more than 3.6%, and the fiscal deficit scale will increase by 1 trillion yuan compared with last year. Special national debt. This is a special move during a special period. All the above 2 trillion yuan will be transferred to localities, and a special transfer payment mechanism will be established. The funds will directly reach the grassroots of the city and county, directly benefiting the enterprises and the people. They are mainly used to protect employment, basic people's livelihood, and market participants, including support for tax and fee reductions. Rent and interest rate reduction, expansion of consumption and investment, etc., strengthen the nature of public finances, and never allow interception and misappropriation.

　　The Ministry of Finance further pointed out in the "Report on the Implementation of the Central and Local Budgets in 2019 and the Draft Central and Local Budgets in 2020" that the interest of special national debts is fully borne by the central government, and the principal is repaid by the central government. Repay 700 billion yuan. In addition, the revenue and expenditure of the special anti-epidemic government bonds are included in the budget management of government funds.

　　On June 12. Vice Minister of Finance Xu Hongcai said at a press conference that special government bonds are mainly used for infrastructure construction and anti-epidemic expenditures such as public health with certain asset returns, including support for small and micro-enterprise development, financial discounts, Rent subsidies, etc. All localities can set aside a certain percentage of mobile funds within the allocated amount to solve the urgently needed capital needs for special difficulties at the grassroots level.

　　The above notification quoted by First Finance provides the specific scope of use of special national debt funds, including the construction of public health systems, the construction of major epidemic prevention and control and rescue systems, the construction of food energy security and emergency supplies guarantee systems, the transformation and upgrading of industrial chains, cities and towns Renovation of old communities, sewage and garbage disposal and other ecological environment treatment projects, transportation, water supply, power supply and gas supply and other municipal facilities, major regional planning related infrastructure, water conservancy, agriculture, forestry, county town construction and other infrastructure.

　　On June 18. the Ministry of Finance has successfully issued 100 billion yuan of special treasury bonds through competitive bidding. Among them, the five-year and seven-year bonds are each 50 billion yuan, with coupon rates of 2.41% and 2.71%, respectively. This is the first batch of bonds of 1 trillion special government bonds this year. On June 23. the Ministry of Finance will also tender for the issuance of anti-epidemic special treasury bonds (Phase III) in 2020. This period of national debt is a 10-year fixed-rate interest-bearing debt, with a total face value of 70 billion yuan in competitive bidding. According to the arrangement of the Ministry of Finance, the anti-epidemic special treasury bonds will be issued before the end of July.

　　Therefore, following the spring breeze of the trillion-yuan infrastructure investment market, the construction machinery industry is bound to usher in a wave of demand growth in the next few years.