Abstract: With the rapid development of bonds in recent decades, the bond market has become more and more mature, with the overall trend being of a healthy state. The essence of government bonds is the government's macroeconomic regulation and control through the hands of the public economic policy. Long-term treasury bonds for 50 years attract much attention from market. It is the longest period of economic cycle bond type. It has a positive effect on deepening the bond market development and improving the bond market yield curve and long-term pricing benchmarks on the government's macroeconomic regulation and control. However, there are negative effects on investor risks and single demand. This article puts forward a corresponding improvement ideas and tries to keep improving it from the perspective of public policy.