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Industry View > The fourth batch of 69 billion yuan in funding has been allocated, fully leveraging ultra-long-term special government bonds to drive consumer spending upgrades!
Key Highlights: All 69 billion yuan of national bond funds allocated—Consumer goods trade-in program gains full momentum.
This year, the 300 billion yuan in central government funding allocated at the national level to support the consumer goods trade-in initiative has been fully disbursed. These "real, tangible funds" are now injecting strong momentum into China's domestic consumer market. Recently, the National Development and Reform Commission, in collaboration with the Ministry of Finance, delivered the fourth batch of ultra-long-term special national bonds—worth 69 billion yuan—to local governments, earmarked specifically for supporting this year's consumer goods trade-in program.
With this latest allocation, the entire annual 300 billion yuan in central government funding for the consumer goods trade-in initiative has now been fully distributed. This marks a significant milestone, signaling that the nation’s concentrated investment in boosting trade-in programs and unlocking domestic demand potential has entered its full implementation phase.
01 Funds Fully Allocated
The full 300 billion yuan in ultra-long-term special national bonds allocated this year to support the consumer goods trade-in initiative has now been disbursed. The recent release of the fourth tranche—amounting to 69 billion yuan—ensures that the year-end funding plan is completely in place, providing much-needed certainty to the consumer market during the critical fourth quarter.
Compared to 2024, this year’s scale of ultra-long-term special national bonds dedicated to supporting the consumer goods trade-in program has increased by 150 billion yuan, significantly expanding the program’s reach and impact. These funds were raised through the issuance of ultra-long-term special national bonds, underscoring the central government’s direct commitment to bolstering domestic consumption and driving economic growth.
02 Policy Gains Traction
This year, the consumer goods trade-in policy has continued to demonstrate its effectiveness in stimulating consumer spending. From January to August, a total of 330 million people nationwide applied for trade-in subsidies, driving sales of eligible products to exceed 2 trillion yuan—a testament to the policy’s ability to unlock consumers’ purchasing power.
These figures highlight not only the policy’s direct role in spurring consumption but also its success in tapping into residents’ latent demand. Specifically, retail sales of household appliances and audiovisual equipment, cultural and office supplies, furniture, and communication devices—categories covered under the program—experienced remarkable year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1%, respectively. Such robust growth underscores the policy’s powerful ripple effect on the broader consumer market.
03 Local Markets Thrive
Supported by the central government’s financial backing, consumer markets across various regions have shown marked vitality. For instance, Tongchuan City reported a 14.4% year-on-year increase in retail sales of consumer goods above designated size from January to August, ranking second highest in Shaanxi Province. By implementing detailed guidelines tailored to five key product categories—including automobiles and home appliances—the city successfully organized 311 participating businesses, which collectively processed 50 million yuan in subsidy claims, ultimately catalyzing an additional 322 million yuan in consumer spending.
In Yunnan Province, retail sales of communication devices, computers and related products, household appliances and audiovisual equipment, and new-energy vehicles surged by 31.2%, 35.6%, 32%, and 16.7% year-on-year in August, respectively. Meanwhile, Zhengzhou City saw a 5.34% rise in visitor footfall and a 18.85% jump in revenue at 11 major commercial complexes monitored closely during the “Double Festivals” period. The combined impact of consumer vouchers and the trade-in policy has effectively amplified the overall stimulus effect of these initiatives.
04 Ensuring Effective Implementation and Oversight
With all funds now fully allocated, government departments are shifting their focus toward ensuring the efficient use and transparent management of these resources. A senior official from the National Development and Reform Commission emphasized that the next step will involve guiding local authorities to carefully manage project timelines, refine funding utilization plans, and ensure balanced, orderly disbursement of subsidy payments.
At the same time, regulators will strengthen oversight of product quality and pricing, firmly cracking down on fraudulent activities such as subsidy fraud or misappropriation. This approach aims to guarantee that every penny of the subsidy reaches its intended beneficiaries and delivers tangible benefits to consumers. On the consumer end, starting October 9, eligible individuals can claim qualifying coupons on platforms like JD.com and Tmall to purchase a wide range of products, including home appliances, smartphones, electronics, and even automobiles. It’s important to note that the program will conclude nationwide at midnight on December 31, with no provisions for retroactive claims.
05 Broader National Bond Strategy
This year, the total issuance of ultra-long-term special national bonds has reached 1.3 trillion yuan, representing a 300 billion yuan increase compared to 2024. Of this amount, 800 billion yuan is earmarked to provide enhanced support for the construction of “dual-engine” projects, while 500 billion yuan is directed toward scaling up and broadening the implementation of “new economy and new infrastructure” policies. Among these allocations, the 300 billion yuan dedicated to supporting the consumer goods trade-in initiative forms a crucial component of the “new economy and infrastructure” funding framework.
The issuance of ultra-long-term special national bonds for 2025 kicked off on April 24, approximately one month earlier than last year’s schedule. This accelerated timeline reflects the proactive nature of fiscal policy, designed to deliver timely support for economic growth, investment, and domestic demand expansion. Industry experts anticipate that these ultra-long-term bonds will play a pivotal role in stabilizing economic growth, encouraging private investment, and fostering robust consumer spending across the country.
From the initial launch of this year’s ultra-long-term special national bonds on April 24 to the recent distribution of the fourth funding tranche, the policy has already begun delivering tangible results in the marketplace. With the full-scale issuance of the 1.3 trillion yuan in ultra-long-term bonds—and the strategic allocation of 800 billion yuan to support “dual-engine” projects and 500 billion yuan for “new economy and infrastructure”—China is deploying a comprehensive toolkit aimed at revitalizing the economy, optimizing supply chains, and expanding consumer markets. As the final 300 billion yuan in trade-in funds becomes fully available, the consumer market is poised to experience sustained growth momentum in the fourth quarter, buoyed by supportive government measures.
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