党的二十届三中全会冷落，科学的宏不雅调控、灵验的政府解决是施展社会主义市集经济体制上风的内在条目。必须完善宏不雅调适度度体系，统筹鞭策财税、金融等要点领域编削，增强宏不雅政策取向一致性。

　　2024年以来，财政政策实行力度合手续加大，超恒久国债供给大幅增多。1―8月，国债刊行规模为8.4万亿元，同比增长33%；超恒久额外国债刊行规模为8220亿元，同比增长257%，在提拔办好国度要紧战术和要点领域安全才能开垦方面施展积极作用。同期，加速中央预算内投资下达和场合政府债券发运用用，推动经济持续回升向好态势。其间，10年期国债收益率着落39BP，信用利差收窄至历史低位。

　　货币政策守护提拔性态度，为经济合手续回升向好提供金融提拔，货币政策用具和框架机制也在发生变化。贯彻落实中央金融职责会议条目，2024年8月，中国东谈主民银行开展了公开市集国债买卖操作，向部分公开市集业务一级交往商买入短期限国债并卖出恒久限国债，全月净买入债券面值达1000亿元。“买短卖长”操作有助于减缓国债收益率弧线长端单边快速下行趋势，也安妥指引短期利率下行的调控主义，大略更好地施展利率等价钱型调控用具作用。

　　详细我国经济现时稳增长的需要和长久高质料发展的总条目，需要进一步扩大国债刊行规模。宏不雅经济方面，扩大国内需求、改善市集预期、防守金融风险、完资本年经济增长主义等，齐需要财政政策合手续发力，增多国债供给。金融市集方面，在“钞票荒”配景下，市集关于恒久限国债成立需求繁盛，增多国债供给成心于促进债券市集供求均衡。此外，国债刊行规模扩大空间有余。当今我国中央政府债务总数与国内分娩总值的比率不到30%，远低于好意思国、日本等发扬国度。

　　扩大国债刊行规模，需要加强政策统筹诱骗，完善相应的配套按序。一是通过降准、加大公开市集净投放力度、饱读舞交易银行天真转念准备金等阵势，为国债刊行提供合理流动性。二是应时适度转念利率，厚重加大公开市集国债现券买卖力度，理顺政策利率和市集利率体系，进步政策传导成果。三是增多利率风险管制用具。进一步稳慎扩大国债期货参与方，应时推放洋债期权家具，促进期现联动、慎重发展。四是长远国债市集对外怒放。通过境外信息平台与境内一级市集纵贯安排，便利境外投资者参与国债一级市集认购。

　　濒临寰宇百年未有之大变局，稳步鞭策中国式当代化和高质料发展，需要宏不雅政策的添砖加瓦。加强统筹诱骗，增强宏不雅政策取向一致性，成心于兼顾短期踏实、恒久增长和结构优化三大主义，为中国经济高质料发展提供强有劲的政策保险。

　　◇ 本文原载《债券》2024年9月刊

　　◇ 作家：钟言

　　◇ 剪辑：陈森　刘颖

　　Strengthening Planning and Coordination and Enhancing the Consistency of Macro Policy Orientation

　　Zhong Yan

　　At the Third Plenary Session of the 20th CPC Central Committee， it was pointed out that proper macro-control and effective government governance are the inherent prerequisites for leveraging the advantages of the socialist market economic system． Therefore， it is necessary to optimize the macro-control system， promote the reform in key areas such as finance and taxation， and enhance the consistency of macro-policy orientation．

　　Since 2024， the fiscal policy has intensified by augmenting the supply of ultra-long-term treasury bonds． From January to August， the issuance of treasury bonds was RMB8.4 trillion， up 33% year-on-year． The issuance of ultra-long-term special treasury bonds was RMB822 billion， a year-on-year increase of 257%， which played an active role in supporting major national initiatives and key areas． At the same time， the use of the central budget and the issuance of local government bonds were accelerated to maintain  economic recovery． During this period， the yield of 10-year treasury bonds fell by 39 bps， and the credit spread narrowed to a historical low．

　　The monetary policy maintains a supportive position and provides financial support for sustained economic recovery． Monetary policy tools and framework mechanisms are changing． In accordance with the Central Financial Work Conference， in August 2024， the People’s Bank of China launched the operation of buying and selling treasury bonds in the open market， buying short-term bonds from primary dealers and selling long-term bonds． The net value of bonds bought in August reached RMB100 billion． This operation could slow down the unilateral downward trend of the treasury yield curve at the long-end， and also facilitate the regulation goal of bringing down short-term interest rates， thus better leveraging the role of interest rates as a price-based regulatory tool．

　　To support steady economic growth at the current stage and promote high-quality development in the long term， it is necessary to further increase the issuance of treasury bonds． From the perspective of macro-economy， sustained fiscal support from increased supply of treasury bonds is required for expanding the domestic demand， improving market expectations， preventing financial risks and achieving this year’s economic growth target． In terms of the financial market， in the context of an “asset shortage”， the market has a strong demand of long-term treasury bonds and therefore increasing the supply of treasury bonds help lead to a balance between supply and demand in the bond market． Besides， there is ample room for the expansion of treasury bond issuance． At present， the ratio of China’s central government debt to its GDP is less than 30%， far lower than that of developed economies such as the US and Japan．

　　With the increased issuance of treasury bonds， it is necessary to strengthen policy coordination and improve the corresponding supporting measures． First， it is proposed to provide proper liquidity for the issuance of treasury bonds by lowering the RRR， increasing the net supply in the open market， and encouraging commercial banks to flexibly adjust their reserves． Second， it is suggested to adjust interest rates in a timely and appropriate manner， gradually increase the buying and selling of treasury bonds in the open market， coordinate the policy interest rate and market-based interest rates， and improve the efficiency of policy transmission． The third is to provide more interest rate risk management tools． To this end， it is necessary to include more participants into the treasury bond futures market in a prudent manner， launch treasury bond option products in a proper manner， and promote the sound interaction and development of the futures market and the spot market． The fourth is to deepen the opening-up of the treasury bond market． Enhanced connectivity between overseas information platforms and the domestic primary market could make it more convenient for overseas investors to participate in the primary market of treasury bonds．

　　In the face of the unprecedented changes in the world in a century， the steady promotion of the Chinese path to modernization and high-quality development requires effective macro policies． Strengthening overall planning and coordination， and enhancing the consistency of macro policy orientation， is conducive to balancing the three major goals of short-term stability， long-term growth， and structural optimization， thus providing strong policy support for the high-quality development of the Chinese economy．

　　◇ Editors： Chen Sen， Liu Ying

海量资讯、精确解读，尽在新浪财经APP

背负剪辑：赵念念远

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