China has launched its third round of fiscal stimulus this year, allocating 69 billion yuan ($9.6 billion) in ultra-long special treasury bonds to accelerate consumer goods trade-in programs. The National Development and Reform Commission (NDRC) announced Friday that a fourth batch of equal value will follow in October, bringing the total 2024 allocation to 300 billion yuan ($41.6 billion).
NDRC spokesperson Jiang Yi revealed at a press briefing that this year's 800 billion yuan investment catalog for strategic national projects has been fully distributed. The commission has also nearly completed disbursement of 735 billion yuan in central budgetary investments designed to stimulate economic activity.
"These measures demonstrate our commitment to stabilizing markets while promoting sustainable consumption upgrades," Jiang stated, emphasizing the government's balanced approach to economic revitalization.
Analysts suggest the bond issuances could particularly benefit sectors like home appliances, electric vehicles, and renewable energy technologies. The move comes as China seeks to counterbalance global economic headwinds while maintaining its 2024 growth targets.
