Proactive policy sees China issue record number of government bonds

China's government bond issuance reached a historic high in the first half of the year, as the country's policymakers have pursued a more proactive fiscal policy, the Ministry of Finance said on Friday.

Tang Longsheng, deputy director of the treasury payment center, told a press conference that China issued 7.88 trillion yuan ($1.1 trillion) worth of government bonds in the first six months of 2025, a 35.28 percent increase compared to the same period last year.

The average issuing rate on these bonds has declined by 43 basis points year-on-year, dropping to 1.52 percent, Tang added.

Notably, China issued 555 billion yuan ($77.42 billion) worth of ultra-long-term special treasury bonds in the first six months, 18 percentage points ahead of the same period last year, Tang said.

Going forward, Tang said that the government will complete the issuance of 1.3 trillion yuan ($181.35 billion) in ultra-long special treasury bonds as planned, ensuring solid funding for major national projects and programs, as well as the large-scale renewal of equipment and the trade-in of consumer goods.