BEIJING, Jan 03 : China will increase investment in major projects and expand the scope of trade-in programs in 2025, according to the National Development and Reform Commission (NDRC), China’s top economic planner, on Friday.
In 2025, China will increase the issuance of ultra-long special treasury bonds to implement major national strategies and enhance security capacity in key areas, according to the NDRC.
The commission said that it will continue to prioritize key initiatives such as ecological and environmental protection, advancing green growth in the Yangtze River Economic Belt, the new western land-sea corridor, the public service system for the urbanization of rural migrants, and the quality improvement of higher education, Global Times reported.
The scope of water conservancy support will be broadened to encompass medium and large irrigation zones and major water diversion projects nationwide. Additionally, intercity railway construction projects in key metropolitan areas will be included in the support framework, and nationwide measures will be adopted to effectively reduce logistics costs for society as a whole.
The NDRC said it will fast-track progress on ongoing projects. Building on last year’s early issuance of a project list worth approximately 100 billion yuan ($13.69 billion) for this year, we will soon issue another batch of project lists to ensure swift and tangible outcomes, the NDRC said.
The NDRC also said that China will increase the issuance of ultra-long special treasury bonds to broaden coverage and raise subsidy levels for large-scale equipment upgrades and consumer goods trade-ins this year.
Subsidies will be implemented for the purchase of new digital products such as mobile phones, tablets, and smartwatches, offering financial incentives for individual purchases of these devices.
Furthermore, the incentive levels for replacing new-energy city buses and upgrading power batteries, the updating of agricultural machinery, and the replacement of household furnishings and decorations are set to rise.
Looking ahead to 2025, China’s expansive consumer market advantages remain steadfast and the consumer market is projected to sustain steady growth, the NDRC said.
To boost consumption, the government will aim to raise residents’ incomes, diversify the supply of consumer products and services, identify new consumption growth areas and improve the overall consumption environment, the NDRC said.
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