China's treasury bonds to fund major national projects

China sold its first batch of ultra-long-term special treasury bonds for 2026 on Friday, raising 119 billion yuan ($17.4 billion) to fund major national projects and programs, according to the Ministry of Finance.

Qu Fuguo, deputy director of the ministry's asset management department, said at a news conference that the government will "front-load" the issuance this year.

The government has scheduled a total of 1.3 trillion yuan in ultra-long special treasury bonds for 2026, matching the scale set last year.

Of the 1.3 trillion yuan total, 800 billion yuan will be used to finance projects aligned with major national strategies and building up security capacity in key areas. According to this year's Government Work Report, 200 billion yuan of the total is earmarked for large-scale equipment upgrades, 250 billion yuan for consumer goods trade-ins, and 50 billion yuan for a new fiscal-financial coordination fund.