Special government bonds have two goals：one is to serve as an important policy tool for China to realize fiscal counter-cyclical regulation；the other is to function as a financing tool for government investments. Special government bonds played a positive role in the practice，but there could still be extensive risks. These include the insufficient matching with local infrastructure financing demand，the risks that superimposed with the uncertainty of land market，the risks of explicit debt being concealed and the uncertainty of integrated development with PPP. Based on the analysis，policy implication points to the continue deployment of the special government bonds in stimulating stable growth，other suggestions include to explore the use of special government bonds in combination with PPP，to optimize the distributional structure，to establish a comprehensive risk reporting system，to improve the performance management system，and to promote the market orientation.