BEIJING, Oct. 16 (Xinhua) -- China has completed this year's issuance of ultra-long special treasury bonds, bringing the total to 1.3 trillion yuan (about 193 billion U.S. dollars), after the Ministry of Finance issued such bonds to raise an additional 20 billion yuan on Friday.
The issuance is in line with this year's government work report, which proposed raising 1.3 trillion yuan through the bonds to support projects for implementing major national strategies and building security capacity in key areas, as well as large-scale equipment upgrades and consumer goods trade-in programs.
Of the total, 800 billion yuan was allocated to projects for implementing major national strategies and building security capacity in key areas.
Meanwhile, 250 billion yuan was used to support consumer goods trade-in programs, and 200 billion yuan to support large-scale equipment upgrades.
Furthermore, 50 billion yuan was earmarked for the establishment of a special fiscal-financial coordination fund to boost domestic demand.
Ultra-long special treasury bonds are an important component of China's current fiscal policy toolkit. Since 2024, China has issued such bonds for three consecutive years, reflecting the continued targeted efforts of a more proactive fiscal policy, according to analysts.
The bond issuance has injected momentum into consumption by boosting consumer goods trade-in programs. Driven by the trade-in programs, retail sales of communication equipment, high energy-efficiency home appliances, and wearable smart devices have maintained rapid growth.
In the first eight months of this year, trade-in programs covered 208 million transactions, involving the sales of 5.35 million vehicles, more than 91 million home appliances, and 108 million digital and smart products, official data showed.
