China intends to issue more ultra-long special treasury bonds in 2025, aiming to promote equipment renewal, encourage trade-in programs, and support major national strategies and projects, according to the Office of the Central Committee for Financial and Economic Affairs.
As of Dec. 12, driven by treasury bonds issued to promote large-scale equipment renewal and the trading-in of consumer goods, over 5.2 million new vehicles have been sold, generating more than 690 billion yuan (about 95 billion U.S. dollars) in sales revenue. Besides, over 49 million home appliances were sold through these programs, totaling more than 210 billion yuan (about 29 billion U.S. dollars), and more than 2 million old equipment sets were replaced.
These treasury bonds have also supported the development of more than 1,400 major projects, including the new land-sea corridor in western China, high-standard farmland in northeastern China, and the shelterbelt program in northern China.
Based on the progress made in 2024, China plans to issue more ultra-long special treasury bonds in the coming year, with a significant increase in bonds supporting equipment upgrades and consumption through trade-ins, the committee said.
Meanwhile, more products and sectors with high market demand and strong potential will be considered for inclusion in the scope of policy support.
In addition, the funds raised from treasury bonds will be carefully allocated to support key national strategic areas and projects, while improving the mechanisms and efficiency of their use.
China to increase issuance size of ultra-long special treasury bonds in 2025
China to increase issuance size of ultra-long special treasury bonds in 2025
China's two major power grid operators -- the State Grid Corporation of China (State Grid) and China Southern Power Grid (CSG) -- reported a surge in investment in the first quarter of 2026, underscoring efforts to strengthen infrastructure construction and support high-quality socioeconomic development in China.
The State Grid said it completed fixed-asset investment worth 129 billion yuan (about 18.77 billion U.S. dollars) in the first three months of this year, up 37 percent the corresponding period of the previous year. The spending has driven more than 250 billion yuan (36 billion U.S. dollars) of investment across the wider industrial chain.
Key projects such as the Panxi ultra-high-voltage (UHV) alternating current (AC) line and the Anhui-Hubei back-to-back direct current (DC) project have seen ground broken for their construction, while several west-to-east power transmission projects have been upgraded.
Investment in connecting renewable energy generation to the grid was reported to have exceeded 10 billion yuan (1.45 billion U.S. dollars) from January to March, a year-on-year rise of more than 50 percent.
The CSG also reported robust growth in investment in the three-month period, with fixed-asset investment reaching 38.45 billion yuan (5.58 billion U.S. dollars), up about 50 percent from a year earlier.
Among its achievements, the company completed and commissioned 80 key projects, including the 220 kV cross-sea power grid interconnection project, which was officially put into operation on March 20. The project ended years of grid isolation on the Weizhou Island in south China by linking it to the main power system of the Guangxi Zhuang Autonomous Region.
The construction of 17 other major energy projects, including one linking the power grid of the Xizang Autonomous Region in southwest China with that of Guangdong Province in south China, is advancing rapidly. These projects are expected to bolster regional industries, the maritime economy, digital collaboration and the transition to green energy.
"By accelerating major project construction, investment during the 15th Five-Year Plan period (2026-2030) is expected to approach 1 trillion yuan (145 billion U.S. dollars), driving a further 2 trillion yuan (290 billion U.S. dollars) of investment across upstream and downstream industries," said Dong Yanle, deputy general manager of the Engineering Construction Department under the China Southern Power Grid.
China ramps up power grid investment in January-March to boost growth
