Hello, special treasury bonds refer to treasury bonds with special purposes and are a form of treasury bonds.

The special features of special bonds lie in the following points: (1) earmarked funds.

The purpose of raising funds through ordinary treasury bonds is mainly to make up for fiscal deficits and supplement national fiscal funds; while special treasury bonds serve specific purposes during special periods and are emergency measures.

(2) Flexible use of funds.

There is no unified and clear regulation on the use of funds for special treasury bonds. Special arrangements are made for specific projects based on the policies at the time of issuance.

(3) Not included in fiscal deficit.

National debt is included in the general public budget and is included in the government's fiscal deficit; while special national debt is included in the government fund budget and is not included in the fiscal deficit.

(4) Pay as soon as you receive.

Unlike ordinary treasury bonds, where there is a certain time interval between financing and expenditure, special treasury bonds receive income and expenditure at the same time.