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Treasury bonds given to projects, local govts
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China has achieved significant progress in advancing large-scale equipment upgrades and consumer goods trade-ins, boosting both investment and consumption.
In March, China unveiled an action plan to implement the renewal program to expand domestic demand and shore up the economy, and stepped up policy support in July with an injection of 300 billion yuan (US$42.73 billion) in funds via ultra-long special treasury bonds.
Zhao Chenxin, deputy head of the National Development and Reform Commission, said all the treasury bonds have been fully allocated to projects and local governments, with supportive policies already in place.
The program has yielded significant progress, effectively driving investment growth, unleashing consumption potential, improving people’s welfare, and propelling industrial development along with the country’s green transition drive.
Half of the ultra-long special treasury bonds to support equipment upgrades have been distributed to over 4,600 projects, and such support will cover projects with a total investment of 800 billion yuan this year, said NDRC official Liu Dechun.
“Positive progress has been recorded in key areas of equipment upgrades, increasingly contributing to growth stabilization and industrial transformation,” Liu noted.
In the first eight months of this year, investment in equipment and tool purchases grew by 16.8 percent year on year, and 4.21 million scrapped vehicles were recycled nationwide, up 42.4 percent and accounting for over 90 percent of the total amount last year.
Liu said that there are already plans to use the treasury bonds to upgrade over 40,000 residential elevators that have been in service for more than 15 years.
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