Recently, a series of incremental policies have been rolled out in China. To gain insights into the implementation progress of these measures, we spoke with representatives from the National Development and Reform Commission (NDRC) on October 22. They indicated that by 2025, the country plans to continue issuing long-term special government bonds while further optimizing their allocation. These measures are aimed at robustly supporting the implementation of major national strategies and enhancing key security capabilities.
As of now, the central budget investment of 700 billion yuan for 2024 has been allocated, and the entire 1 trillion yuan in long-term special bonds designated for the “two key projects” has been effectively directed toward relevant programs.
Recently, the NDRC, in collaboration with relevant industry departments and local authorities, identified a list of early projects totaling 200 billion yuan, with strict criteria based on alignment with targeted areas, maturity of preliminary work, and readiness for allocations. These projects have already been approved through the required procedures.
Among these, there are 121 projects under the “two key projects” initiative, with a total investment of approximately 880 billion yuan, alongside 526 central budget investment projects totaling around 930 billion yuan.
Since the beginning of 2024, the NDRC has arranged for 1,465 significant projects that reflect both the “two key” nature and the national will, backed by 700 billion yuan in long-term special bond funding. These initiatives include high-speed rail along the Yangtze River, high-standard farmland construction in Northeast China, top-tier universities, urban underground pipeline networks, and energy-saving and carbon-reducing renovations in critical sectors.
Looking ahead to 2025, the issuance of long-term special government bonds will continue, with a persistent commitment to robust arrangements for the “two key projects.”
Regarding the broader policy landscape, the NDRC shared that nearly half of the incremental policies have already been implemented, with the remaining policies expected to be rolled out more swiftly.
This comprehensive set of incremental policies focuses on five key areas: bolstering macroeconomic counter-cyclical regulation, further expanding domestic demand, enhancing support for enterprises, stabilizing the real estate market, and revitalizing the capital market.
