The National Development and Reform Commission File Photo: VCG

China has allocated all 200 billion yuan ($29.46 billion) in ultra-long special treasury bonds for equipment upgrades in 2026, supporting approximately 11,000 projects across 22 fields. This provides strong support for accelerating industrial upgrading, promoting green development, improving people's livelihoods and well-being, and strengthening security guarantees, the National Development and Reform Commission (NDRC) said on Friday.

This is part of China’s broad campaign for large-scale equipment upgrades and trade-in programs for old consumer goods, in a bid to boost domestic demand and promote high-quality economic development.

Since the beginning of this year, the NDRC, together with relevant departments, has allocated equipment renewal funds in three batches. Recently, the commission has issued the third batch of equipment renewal project lists and funding arrangements for the year. 

It will support equipment upgrades and the installation of elevators in old residential communities in areas such as energy and power, logistics, education, elderly care institutions, offline commercial consumption facilities, old operational trucks, and old residential elevators.

From January to May this year, investment in equipment and tools procurement grew 9.3 percent year-on-year, accounting for 17.5 percent of total investment, an increase of 2.2 percentage points compared with the same period last year, according to the NDRC. 

Going forward, the NDRC said it will work with relevant departments to urge and guide all parties to accelerate project construction, speed up the formation of more physical work volume, and fully maximize the effectiveness of central funds.

Global Times