China will ramp up efforts to continuously support projects for implementing major national strategies and building security capacity in key areas, and to promote large-scale equipment upgrades and consumer goods trade-in programs, said officials from China's top economic planner National Development and Reform Commission (NDRC) on Friday.
Speaking at a national work conference, Yuan Da, deputy secretary-general of the NDRC, said that large-scale equipment upgrades and consumer goods trade-in programs should be promoted with greater intensity and scope.
He said that the equipment upgrades and the trade-in programs should be expanded to electronics, industrial safety equipment, and agriculture machinery among others. Subsidies should be given to individual consumers who purchase three types of digital products such as mobile phones, tablets, and smart watches and bracelets.
Meanwhile, subsidies will be raised for the renewal of new energy city buses, power batteries, agricultural machinery and home decor items, according to Yuan.
He also stressed efforts to implement major national strategies and build security capacity in key areas.
Yuan said that the support for water conservancy projects should be expanded to large and medium-sized irrigation areas and large and medium-sized water diversion projects across the country, and support should also be given to projects such as intercity railway construction in key metropolitan areas.
He noted that nationwide action should be taken to effectively reduce logistics costs.
He also said that a new list of investment projects will be announced soon, in addition to the list of projects which are worth 100 billion yuan (about 28 billion U.S. dollars) announced last year.
To support the projects, NDRC officials said that more ultra-long special treasury bonds will be issued this year.
"This year, we will increase the issuance of ultra-long-term special treasury bonds, to provide greater support for implementing major national strategies and building security capacity in key areas. We will announce as soon as possible the specific plan for promoting the implementation of large-scale equipment upgrades and consumer goods trade-in programs with greater intensity and scope this year, and guide local authorities in ensuring the smooth and orderly transition of relevant supporting policies from 2024 to 2025, striving to achieve greater results," said Yuan.
"In 2025, we will work with various departments and local governments to fully implement the important instructions of the Central Economic Work Conference, focusing on improving investment efficiency and making targeted efforts to give full play to the key role of investment. We'll increase the issuance of ultra-long-term special treasury bonds, expand the support for implementing major national strategies and building security capacity in key areas, and further increase the proportion of treasury bonds to support projects," said Zhao Chenxin, deputy director of the NDRC.
China pledges more support for infrastructure construction, consumption growth
China pledges more support for infrastructure construction, consumption growth
