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China is planning to issue approximately 1.6 trillion yuan (around 232.1 billion USD) in special treasury bonds this year, a slight decrease from the previous year’s total, according to the country’s key policy document.
The government intends to allocate 1.3 trillion yuan in ultra-long-term special treasury bonds to boost investment and consumer spending. Additionally, 300 billion yuan (roughly 43.5 billion USD) will be used for ordinary special government bonds to strengthen the capital base of large state-owned banks. This announcement was made in the Government Work Report delivered today by the Premier during the Fourth Session of the 14th National People’s Congress.
Last year, China issued a total of 1.3 trillion yuan in ultra-long-term bonds and 500 billion yuan in ordinary bonds, amounting to 1.8 trillion yuan altogether.
These ultra-long-term bonds, which can have maturities of 20, 30, or even 50 years, are designed to stimulate both investment and consumption. They primarily fund major infrastructure projects, support large-scale equipment upgrades for enterprises, and promote consumer goods trade-in programs to invigorate the economy.
In the past year, offerings of ultra-long-term bonds supported around 8,400 equipment upgrade projects, resulting in total investments exceeding 1 trillion yuan. This contributed to an annual economic growth boost of 1.8 percentage points. Over 360 million individuals participated in consumer goods trade-in subsidy programs in 2025, leading to a 0.6 percentage point increase in yearly retail sales of consumer products.
The issuance of ultra-long-term special treasury bonds in China began in 2024, initially totaling 1 trillion yuan, and was later increased to 1.3 trillion yuan for both 2025 and 2026.
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