China completes issuance of ultra-long special treasury bonds for equipment upgrades

BEIJING -- China has completed the issuance of 188 billion yuan ($26.35 billion) of ultra-long special treasury bonds in 2025, supporting the implementation of large-scale equipment upgrades across key sectors, the National Development and Reform Commission (NDRC) announced on Wednesday.

The funds will support approximately 8,400 projects spanning fields such as energy, logistics, environmental infrastructure, education and health care, leveraging a total investment of over 1 trillion yuan.

Since early this year, the NDRC has been working with relevant government departments and local authorities to refine project application and review standards, while selecting projects according to strict criteria.

The NDRC has pledged to advance these projects continuously, and to employ strict closed-loop management for the use of funds.

Since the beginning of 2025, China has expanded the coverage of its equipment upgrades and consumer goods trade-in program, leading to notable profit improvements in relevant industries, an official of the National Bureau of Statistics said last month.