China allocates $139b in special treasury bond funds to national projects

China’s top economic planning body, the National Development and Reform Commission (NDRC), announced on Saturday the entirety of this year’s 1-trillion-yuan (approximately $139 billion) ultra-long special treasury bonds has been allocated to specific projects and initiatives.

Out of the total, 700 billion yuan is designated for implementing major national strategies and strengthening security capacities in critical areas. The remaining 300 billion yuan will fund equipment upgrades and trade-in programs for consumer goods, according to the NDRC.

The allocated funds are supporting a range of key projects, including the construction of railways, highways, and airports along the Yangtze River, the development of high-standard farmland in northeast China, and the shelterbelt afforestation program in the country’s northeast, northern, and northwestern regions.

The NDRC has pledged to collaborate with relevant authorities to enhance monitoring and evaluation, ensuring that project construction begins promptly and aligns with planned objectives.

This issuance marks the start of an annual series of ultra-long special treasury bonds, with 1 trillion yuan allocated for 2024, as outlined in this year’s government work report. The initiative underscores China’s commitment to advancing infrastructure, bolstering security, and driving economic growth through targeted investments.

Attribution: Xinhua