抗疫特别国债的功能定位与运用方式选择

The Functional Orientation and Application Method of Anti-coronavirus Special National Bonds

发行抗疫特别国债是应对疫情冲击的非常之举,也是积极的财政政策要更加积极有为的具体体现。在设计抗疫特别国债的功能时,应从大局、全局出发,赋予其长期政策性投资工具、信贷结构调整工具,以及金融资源配置工具等三大职能。同时,为了提高效率,建议通过以下三种方式之一或它们的任意组合形式来运用抗疫特别国债资金:一是由中央政府向地方政府提供贷款;二是通过开发性(政策性)银行机构实施委托贷款;三是通过设立若干专门基金实施股权投资。

The issuance of special bonds to combat the epidemic is an extraordinary response to the impact of the epidemic and a concrete manifestation of a more proactive fiscal policy.When designing the functions of the special national bonds,we should proceed from the overall situation and entrust it with three functions,namely,long-term policy-based investment tool,credit structure adjustment tool and financial resource allocation tool.At the same time,in order to improve efficiency,it is suggested to use the special national bonds fund through one of the following three ways or any combination of them:first,the central government provides loans to local governments;Second,the corresponding department should implement entrusted loans through the development(policy)bank institutions;Third,the corresponding department should implement equity investment through the establishment of a number of special funds.