China's Six Networks infrastructure push

In early July 2026, the National Development and Reform Commission (NDRC) announced that it would allocate the full 2 trillion‑yuan special‑purpose bond to fund equipment upgrades, signalling a major financing commitment for upcoming projects.

By the end of July, the NDRC expanded the announcement, detailing an accelerated rollout of the "Six Networks" – water, new‑type power grid, computing‑power, next‑generation communications, urban underground pipe, and logistics systems. The commission pledged tighter coordination with ministries and local governments, and outlined trillion‑yuan investment targets for each network, including 4 trillion yuan for computing‑power and over 5 trillion yuan each for the new‑type power grid and underground pipe networks. The plan is tied to 109 major projects under the 15th Five‑Year Plan and includes the use of special‑purpose bonds, policy‑bank financing, and REITs to boost domestic demand and consumption through 2026‑2030.