China plans to significantly increase the issuance of ultra-long special treasury bonds in 2025 to support large-scale equipment upgrades and trade-in programs for consumer goods, according to a government press conference on Friday.
Yuan Da, deputy secretary-general of the National Development and Reform Commission, announced that the government will broaden the range of areas eligible for funding. These areas will now include electronic information, production safety, and agricultural facilities. Additionally, consumers will be offered subsidies to purchase three types of digital devices: mobile phones, tablets, and smartwatches or wristbands.
Yuan also highlighted plans to enhance subsidies for the upgrade of new energy city buses, batteries, and agricultural equipment. Further support will be provided to encourage the renewal of home decoration-related consumer products.
In March 2024, the government introduced an action plan aimed at promoting large-scale equipment replacement and consumer goods trade-ins. This initiative was part of a broader effort to stimulate domestic demand and drive economic growth. Over the past year, these measures have successfully boosted investment, increased household consumption, and accelerated the transition toward greener practices, Yuan noted.
