BEIJING, Jan. 3 (Xinhua) -- China will significantly increase the issuance of ultra-long special treasury bonds in 2025 to support the implementation of large-scale equipment upgrades and consumer goods trade-in programs, according to a government press conference held here Friday.
Yuan Da, deputy secretary-general of the National Development and Reform Commission (NDRC), said the government would expand the scope of areas eligible for funding support, including electronic information, production safety, and agriculture facilities. Consumers will receive subsidies to purchase three categories of digital products: mobile phones, tablets, and smartwatches and wristbands.
The official said that the government will further increase subsidies for upgrading new energy city buses, batteries, and agricultural machinery and strengthen support for renewing home decoration-related consumer goods.
In March 2024, the government launched an action plan to promote large-scale equipment renewal and trade-in of consumer goods as part of efforts to boost domestic demand and support economic growth.
Yuan said that over the past year, work related to these programs has effectively shored up investment, boosted household consumption, and accelerated the green transition amid the booming sales of new energy vehicles and energy-efficient household appliances.
At Friday's press conference, the official noted that the government will also beef up support toward projects aimed at implementing major national strategies and building security capacity in key areas through the issuance of ultra-long treasury bonds in 2025.
Specifically, the government will continue to support the ecological and environmental protection and green development in the Yangtze River Economic Belt, the development of the New International Land-Sea Trade Corridor, urban public services for people transferred from rural areas, and the improvement and upgrading of higher education.
It will also increase funding support for large and medium-sized irrigation areas, water diversion projects, the construction of intercity railways in key urban clusters, and the reduction of logistics costs throughout the country.
The country earmarked 300 billion yuan (about 42 billion U.S. dollars) in ultra-long special treasury bonds in 2024 to boost large-scale equipment renewals and consumer goods trade-in programs, according to Zhao Chenxin, deputy head of the NDRC.
"In 2025, we will increase the scale of funds, expand the coverage, and optimize the methods in implementing these policies to amplify their impact. We will work with relevant departments to let the residents and more enterprises benefit from the policies through concrete actions," Zhao said. ■