China allocates new batch of ultra-long special treasury bonds for equipment upgrades

BEIJING -- China has allocated 93.6 billion yuan ($13.37 billion) in ultra-long special treasury bonds to fund equipment renewal projects across key sectors, the National Development and Reform Commission (NDRC) said Thursday.

The funds will support some 4,500 projects across industry, energy and power, education, healthcare, and upgrades to old residential elevators, and are expected to drive total investment exceeding 460 billion yuan.

In addition, direct funding has been allocated to local governments to continue supporting the replacement of outdated commercial trucks, the renewal of new-energy buses in urban public transport, and the retirement and replacement of old agricultural machinery.

The move follows the Ministry of Finance's recent announcement that the government will continue to issue ultra-long special treasury bonds in 2026 to advance national strategies, bolster security capacity in key sectors, and promote large-scale equipment renewal and consumer goods trade-in programs.

The NDRC said it will strengthen coordination and tracking with relevant authorities, enhance whole-process management of projects and funds, and ensure effective implementation of the policies.