(Yicai) March 5 -- China is expected to issue CNY1.6 trillion (USD232.1 billion) worth of special treasury bonds this year, slightly lower than last year’s total, according to the country’s most important policy document.

China plans to issue CNY1.3 trillion ultra-long-term special treasury bonds to support investment and consumption growth and CNY300 billion (USD43.5 billion) ordinary special government bonds to supplement large state-owned commercial banks’ capital, according to the Government Work Report delivered today by Premier Li Qiang at the Fourth Session of the 14th National People’s Congress.

In comparison, China issued CNY1.3 trillion ultra-long-term special treasury bonds and CNY500 billion ordinary special government bonds last year, for a total of CNY1.8 trillion.

Ultra-long-term special treasury bonds, which can have terms of 20, 30, or 50 years, aim to stimulate investment and consumption, driving industrial demand and stabilizing economic growth. The funds they raise are mainly allocated for major infrastructure construction projects, to support enterprises’ large-scale equipment upgrades, and to facilitate consumer goods trade-in schemes.

Last year’s ultra-long-term special treasury bonds supported about 8,400 equipment upgrade projects, driving the total investment to over CNY1 trillion and contributing to an annual investment growth of 1.8 percentage points. Over 360 million people applied for consumer goods trade-in subsidies in 2025, directly boosting annual retail sales of consumer goods by 0.6 percentage point.

China’s Ministry of Finance began issuing ultra-long-term special treasury bonds in 2024, with a total value of CNY1 trillion, which later increased to CNY1.3 trillion for both 2025 and 2026.

Editors: Tang Shihua, Futura Costaglione