China completes 1.3 trillion yuan ultra-long-term special bond issuance

China has completed the issuance of 1.3 trillion yuan in ultra-long-term special treasury bonds for 2026. The issuance, which concluded with a final 20 billion yuan installment of 20-year bonds, is intended to provide financial security for expanding investment and stimulating consumption.

The bond structure included 20, 30, and 50-year maturities, with 30-year bonds accounting for over 70% of the total volume. These funds are designated to support major project construction, large-scale equipment updates, and consumer goods trade-in programs.

Experts note that while the issuance was orderly, the focus must now shift to effective fund utilization. Key challenges include streamlining project approvals, ensuring matching funds are available, and accelerating construction to convert fiscal support into actual economic growth and demand.