China Issues New Special Bonds to Support Consumer Goods Replacement Program

Recently, the National Development and Reform Commission (NDRC) has collaborated with the Ministry of Finance to allocate the third batch of special long-term bonds worth 69 billion yuan to support the consumer goods replacement program for the year 2025. The fourth batch of funds is expected to be issued in October. In the first half of this year, the NDRC has already disbursed two batches totaling 162 billion yuan in subsidies for the replacement program. As of July 16, 2025, a total of 280 million people have applied for subsidies, boosting related product sales to exceed 1.6 trillion yuan. Moving forward, the NDRC will continue to enhance coordination, strengthen tracking and scheduling, and improve implementation mechanisms to ensure a smooth and orderly progress of the consumer goods replacement program. This includes timely allocation of central funds and urging local governments to optimize the use of funds. Additionally, the NDRC will work with various departments to ensure compliance and prevent risks such as fraudulent claims. Furthermore, the NDRC has released a signed article emphasizing the importance of promoting large-scale equipment upgrades and consumer goods replacements as key measures to cope with complex international and domestic situations, expand domestic demand, and accelerate the green transformation of economic and social development.