The Ministry of Finance issued the year’s final ultra‑long special treasury bond
on Oct. 16, a 20 bln yuan tranche, completing total issuance of RMB1.3 tln for
the year. Central and local budget reports show allocations: RMB800 bln for
two‑fold construction projects, RMB250 bln for consumer trade‑in/replacement
programs, RMB200 bln for large‑scale equipment upgrades, and RMB50 bln for a
fiscal‑financial coordinated package to boost domestic demand.
