Following the issuance of special treasury bond in 2025 to replenish capital for large state-owned banks such as the Bank of China, this year's government work report again proposed to issue 300 billion yuan of special treasury bond to support large state-owned commercial banks to replenish capital. What is the positive significance of supporting state-owned banks to supplement capital? Why continue to use special treasury bond? The reporter conducted an interview. The ability of banks to inject "live water" into the real economy while maintaining stability is closely related to their own capital strength. In the view of many insiders, the issuance of special treasury bond of 300 billion yuan this year to support large state-owned commercial banks to replenish capital is conducive to giving better play to the "leverage" role of funds and adding fresh water to the real economy. Professor Wu Wenfeng from the Antai School of Economics and Management at Shanghai Jiao Tong University told our reporter that the core tier one capital of banks is a "safety cushion" and operational cornerstone to resist risks. It not only determines the bank's credit lending ability, but also a key indicator for banks to meet international regulatory constraints. The market interest rates continue to decline, and banks are facing increasing constraints in relying solely on profit retention for endogenous supplementation. In this context, it is of great significance for the state to replenish capital for large state-owned commercial banks through special treasury bond for two consecutive years. ”Wu Wenfeng said. Qin Rongsheng, a member of the National Committee of the Chinese People's Political Consultative Conference and a professor at the Beijing National Institute of Accounting, said that supplementing core capital for commercial banks can directly improve their capital adequacy ratio, ensuring compliance with the Basel III Accord (an important framework for global banking regulation) and the additional regulatory requirements of China's systemically important banks. Qin Rongsheng told reporters that this can enable several large state-owned commercial banks to take the lead in releasing more credit lines, providing stronger support for fields such as technological innovation, green finance, and inclusive small and micro enterprises, and playing a role in macroeconomic countercyclical regulation. From the perspective of auditing and regulation, this move balances stability and progress, which is conducive to building a strong defense line against risks, enhancing credit allocation capabilities, improving audit stability evaluation, and boosting market expectations and confidence, "he said. According to market institutions' calculations, capital supplementation will significantly enhance the credit lending capabilities of large state-owned commercial banks. A 300 billion yuan injection is expected to leverage approximately 4 trillion yuan in asset expansion, providing stronger financial support for the real economy and related key areas. At the same time, this move is expected to help banks improve their service level, making them willing and able to lend when facing high capital demand areas such as major infrastructure and technological innovation. How do you view the funding of 300 billion yuan? Liu Shangxi, member of the National Committee of the Chinese People's Political Consultative Conference and vice president of the Chinese Society of Macroeconomics, said in an interview with our reporter that this year China issued 300 billion yuan of special treasury bond specifically for capital replenishment of large state-owned commercial banks, continuing the policy layout of 2025, and the overall volume of 300 billion yuan is relatively modest. For two consecutive years, the relay injection of billions of yuan will significantly enhance the risk resistance ability of large state-owned commercial banks, demonstrating China's firm determination to stabilize economic growth and deepen reform and opening up. ”Wu Wenfeng said that in the short term, the issuance of special treasury bond to support the supplementary capital of large state-owned commercial banks will not increase the interest burden of banks. In particular, the issuance of treasury bond will smooth the interest cost to a longer period in the future, and the financial pressure is relatively controllable; In the long run, the increase in capital adequacy ratio of relevant banks will directly increase the financial safety cushion, which is conducive to leveraging credit injection and achieving the goal of "supporting long-term stable development with lower short-term costs". The coordinated issuance of special treasury bond by finance and finance belongs to the scope of fiscal policy, and large state-owned commercial banks mainly play a role in the financial field. Industry insiders say that this deployment in this year's government work report fully reflects the coordinated efforts of fiscal and financial sectors, and the effective use of macroeconomic policy tools to coordinate stable growth and risk prevention. Why use the tool "special treasury bond" again? It is understood that unlike general treasury bond, which is used to supplement the country's daily financial funds and make up deficits, treasury bond in particular tends to serve specific policies and projects. In particular, treasury bond is not included in the general public budget, but is included in the budget management of government funds, not included in the deficit. Although it is still a government debt and is included in the treasury bond balance limit, it is mostly issued over a long period of time, which can effectively smooth the pressure on debt repayment. Liu Shangxi believes that 300 billion yuan of special treasury bond is dedicated to replenishing capital of large state-owned commercial banks. This precise policy, closely linked to the logic of coordinated fiscal and financial efforts, coordinated development and security, is not only a key measure to strengthen the financial security line, but also a practical grasp to enable the steady growth of the real economy, fully demonstrating the governance wisdom of macro-control that takes into account strength, effectiveness and security. Capital is the 'hard threshold' for commercial bank credit allocation. Currently, China's economy continues to recover and improve, and the real economy, especially in key areas such as inclusive small and micro enterprises, technological innovation, green development, and major infrastructure, requires sufficient and stable financial support. As the main force of the financial system, large state-owned commercial banks can better leverage credit funds of several times the scale and precisely support key areas and weak links of the real economy after supplementing core capital with special treasury bond. ”Liu Shangxi said that compared to directly allocating fiscal funds to projects, injecting funds into banks is more indirect, but it better plays the guiding role of fiscal policies and the leverage effect of financial policies, which is conducive to breaking through the efficient transmission chain of "fiscal capital injection to supplement capital - bank expansion and investment - real financing cost reduction", and effectively transforming policy effectiveness into the driving force of economic growth. In the long run, the fiscal and tax increment brought about by the recovery of the real economy will form a positive cycle of "fiscal and financial coordinated stable growth - economic development increasing financial resources - debt repayment and guarantee", enabling China to fully cover the cost of debt. Qin Rongsheng said that banks such as Industrial, Agricultural, China Construction, etc. have significant asset size and influence. The Ministry of Finance's capital injection through special treasury bond is the best way to give consideration to capital adequacy, market stability and policy orientation, which can maximize the financial service efficiency of large state-owned commercial banks. In the future, relevant banks should take the opportunity of obtaining capital injection to deepen internal reforms, optimize asset liability structure, improve risk management level, and effectively enhance their ability to accumulate endogenous capital. At the same time, improving performance evaluation under capital constraints, using capital return rate as a key indicator, promoting the transformation of business from "scale expansion" to "value creation", and achieving a virtuous cycle of capital utilization. The effectiveness of this proactive fiscal policy can be seen from the performance of relevant banks after the capital injection in 2025 to better meet financing needs. ——Financial support is more in line with the pace of enterprise development. Shanghai SaZhi Intelligent Technology Co., Ltd. is a high-tech enterprise that combines robots with artificial intelligence. Since its establishment in 2017, the company has maintained an average annual output growth rate of over 50%. However, while companies are rapidly developing, they also face constraints in terms of cash flow. After passing the pilot test, the products we develop often need to be rapidly mass-produced within 1 to 2 months according to customer requirements. At this moment, although we have the joy of receiving orders, the short-term pressure on our own cash flow and supply chain has also significantly increased. Moreover, the company's R&D investment accounts for over 60% in the long term and requires sufficient financial support. ”Zhong Runzhou, the market manager of SaZhi Intelligent, told our reporter that the Shanghai Heqing branch of the Bank of Communications has further expanded its technology loan credit line of nearly 10 million yuan to support enterprises in June 2025 on the basis of the previous 5 million yuan credit line, effectively helping enterprises to develop rapidly. It is reported that in response to the high-tech and high growth characteristics of technology-based enterprises, Bank of Communications has accurately pushed technology finance exclusive online credit products to tailor financing solutions for enterprises. By the end of 2025, the balance of technology loans at the Shanghai branch of Bank of Communications will increase by over 25.5 billion yuan compared to the beginning of the year, "said Zhou Tianyu, head of the Technology Finance Department at the Shanghai branch of Bank of Communications. ——Financial services are more in line with the actual situation of enterprises. Jiangsu Sanyuan Tire Co., Ltd. is a national high-tech enterprise that produces all steel radial tires, and its products are exported both domestically and internationally. In the past three years, the average annual growth rate of corporate revenue has been around 25%, and the direct export volume is expected to increase by over 300% by 2025. Good product quality and strong market demand have led to financial pressure. The company's Chief Financial Officer, Liu Jingdang, told our reporter that when orders increase, companies need strong financial support for purchasing upstream raw materials, conducting technological upgrades, and labor expenses. Traditionally, banks mainly consider the collateral situation when approving loans for enterprises, and the increase in real estate for industrial enterprises cannot be so fast. In July last year, China Construction Bank Jiangsu Suqian Branch approved a credit of 70 million yuan for the enterprise after in-depth understanding of its production and operation situation. China Construction Bank not only increased unsecured credit loans by 30 million yuan based on the actual production and operation of enterprises, but also opened bank acceptance bills of 40 million yuan for enterprises in a relatively short period of time according to our actual settlement needs, and reduced most of the invoicing fees, easing the short-term payment pressure of enterprises while reducing financing costs. "Liu Jingdang said that as a large state-owned commercial bank, China Construction Bank's support for enterprises has also formed a demonstration effect on more financial institutions. This is thanks to our country's good policies! "Experts generally expect that with the implementation of a new round of capital injection, there will be more and more vivid stories of precise financial support for the real economy. (New Society)