Expanding effective investment and improving investment efficiency are important means to address the current shortfall in total demand and to fill the gaps in economic and social development. The national fiscal work conference emphasized that by 2025, it is essential to actively expand effective investment and reasonably arrange Bond issuance, effectively driving more social investment through government investment, which raises higher requirements for maximizing the government investment multiplier effect. In the new year, government Bonds represented by ultra-long-term special national Bonds and local government special Bonds will see optimization in terms of issuance rhythm, targeted fields, and management mechanisms. Interviewed experts and scholars believe that government Bonds will be prioritized next year, focusing on issuance in the first half of the year. The funds from special Bonds are expected not only to support the improvement of the supply-demand structure in the Real Estate market but also to expand into new economic growth drivers, enhancing the driving effect. The optimization of the government Bond system will continue next year, further improving the efficiency of fund use. (Securities Times)