🇨🇳China completed RMB1.3 trillion in ultra-long special treasury-bond issuance, including RMB200 billion allocated to large-scale equipment upgrades.

The issuance program concluded on October 16. According to the Ministry of Finance information relayed by Financial_Express, the ministry conducted a third reopening of the fifth tranche of its 2026 ultra-long special treasury bonds, issuing an additional RMB20 billion. This brought the completed annual issuance to RMB1.3 trillion.

Equipment upgrades account for one designated allocation within the program. The source assigns RMB200 billion to large-scale equipment renewal and RMB250 billion to consumer-goods trade-ins. It does not identify individual equipment purchases, semiconductor suppliers, or AI-compute beneficiaries.

The remaining allocations support broader investment and domestic-demand programs. RMB800 billion is assigned to the program supporting major national strategies and security capacity in key areas, while RMB50 billion supports a special fiscal-financial coordination fund to promote domestic demand. These are stated funding allocations, not evidence that the entire proceeds have already been spent.