Securities Times front page: Optimizing the maturity structure of government bonds, there is a broad space for fiscal and financial cooperation

On May 8th, the article said that government bonds are not only core financial products, but also fiscal financing tools. Since the Central Financial Work Conference proposed "enriching the monetary policy toolbox", the People's Bank of China has repeatedly released signals that it will conduct treasury bond trading operations in the secondary market, and the Ministry of Finance has also made it clear that it will support the central bank's treasury bond operations in the intermediate mechanism. This puts forward higher requirements for the coordination and cooperation of fiscal and monetary and financial policies. Experts and scholars interviewed believe that the central bank's conduct of treasury bond trading in the secondary market will help iron out short-term liquidity fluctuations, enrich the basic money delivery and money supply control mechanism, and will also better play the role of the benchmark for the pricing of treasury bond yields. At the same time, the central bank's participation in the trading of treasury bonds also puts forward higher requirements for the depth and price It is necessary for the fiscal side to further optimize the maturity structure and issuance rhythm of treasury bonds, and consider the cooperation between the issuance of ultra-long-term special treasury bonds and the operation of the central bank. In the future, fiscal and monetary and financial policies can cooperate to improve the construction of financial marekt in more fields.