Special Bonds are an important tool for implementing an active fiscal policy, which can directly and effectively stimulate investment. Recently, the General Office of the State Council issued the "Opinions on Optimizing and Improving the Management Mechanism of Local Government Special Bonds," proposing measures to expand the areas of investment for special bonds and the scope of use as project capital, implement a "negative list" management for investment areas, strengthen supervision and accountability, and promote special bonds to better play a positive role in strengthening infrastructure, addressing shortcomings, benefiting people's livelihoods, and expanding investments. Optimizing and improving the management mechanism of special bonds and strict regulation is an important aspect. Expanding and speeding up should not mean 'harvesting quickly without cleaning the mud'; instead, it is essential to strengthen the life-cycle management of special bonds with regard to borrowing, use, and repayment to ensure standardized operations and improve policy effectiveness. At the same time, improve the repayment mechanism of special bonds, ensure the sources of repayment for special bonds, and effectively prevent government debt risks. For issues such as idle funds and unauthorized use, strengthen supervision and accountability, and strictly implement rectifications.