My conclusion: ultra-long treasury bonds are a replacement.
My guess: it's a displacement of the narrow place.
Moreover, it is guaranteed by Zhongyang's financial credit.
This almost, completely solves the recent embarrassment of the place.
place, very much want to continue to engage in construction.
However, there is no money.
And this long-term treasury bond is similar to: for a long time, only interest is repaid, and no principal is repaid.
After 50 years, the hot dry noodles will be 100 yuan, and this principal can be repaid by relying on the tax of the hot dry noodles.
Such an operation, in essence, is a "very wide fiscal stimulus".
Historically, we have only made a total of three special government bonds.
But this time, it was clearly stated: it is planned to issue ultra-long-term treasury bonds for several consecutive years.
The following is the original words of Xinhua News Agency.
To be clear: 1 trillion this year.
Next year, at least 1 trillion.
In this way, 3-5 trillion is a high probability.
Such a level.
There's only one thing left.
Where will these 3-5 trillion be put in??
If, it's still infrastructure.
Basically, the stock market is still the same.
If, real money, put it on the "unmet demand side".
That would be: winter is over, spring is coming.