Since this year, China has implemented a more active fiscal policy. The fiscal expenditure schedule is steady, the pace of debt issuance is slow, and there are still large financial resources left to be used. Entering the second half of the year, in order to consolidate the positive economic trend and complete the annual budget schedule as scheduled, the need for fiscal policies to step up and improve efficiency has increased. Wang Feng, an associate professor at the School of Finance, Taxation and Investment at Shanghai University of Finance and Economics, predicts that the third quarter will usher in a peak in special bond issuance, and the average monthly issuance scale is expected to increase significantly compared to the first half of the year; ultra-long-term special treasury bonds will continue to maintain a relatively steady pace of issuance. Yuan Chuang, chief economist at Caixin Securities, said that it is expected that new policy financial instruments will be implemented intensively within the third quarter of this year. According to conservative estimates, the 800 billion yuan new policy financial instrument could drive a total investment scale of more than 8 trillion yuan this year. Taking into account the multi-year construction cycle of the project, it is expected that the physical workload and effective investment increase of about 1 trillion yuan will be formed during the year, which will strongly support investment to stop falling and stabilize, and become an important support to underpin the macroeconomy.

Since this year, China has implemented a more active fiscal policy. The fiscal expenditure schedule is steady, the pace of debt issuance is slow, and there are still large financial resources left to be used. Entering the second half of the year, in order to consolidate the positive economic trend and complete the annual budget schedule as scheduled, the need for fiscal policies to step up and improve efficiency has increased. Wang Feng, an associate professor at the School of Finance, Taxation and Investment at Shanghai University of Finance and Economics, predicts that the third quarter will usher in a peak in special bond issuance, and the average monthly issuance scale is expected to increase significantly compared to the first half of the year; ultra-long-term special treasury bonds will continue to maintain a relatively steady pace of issuance. Yuan Chuang, chief economist at Caixin Securities, said that it is expected that new policy financial instruments will be implemented intensively within the third quarter of this year. According to conservative estimates, the 800 billion yuan new policy financial instrument could drive a total investment scale of more than 8 trillion yuan this year. Taking into account the multi-year construction cycle of the project, it is expected that the physical workload and effective investment increase of about 1 trillion yuan will be formed during the year, which will strongly support investment to stop falling and stabilize, and become an important support to underpin the macroeconomy.