Top planner: China allocates 1 trillion yuan ultra-long special treasury bond funds

China's top economic planner said Saturday that funds raised through the 1-trillion-yuan (about $139 billion) ultra-long special treasury bonds this year have all been allocated to support specific projects and programs.

Among the total, 700 billion yuan was allocated to implement major national strategies and build up security capacity in key areas, while 300 billion yuan was channeled to fund equipment upgrades and consumer goods trade-ins, according to the National Development and Reform Commission (NDRC).

The NDRC listed several projects supported by the funds, including constructing railways, highways and airports along the Yangtze River, building high-standard farmlands in northeast China, and the shelterbelt program in northeast, north and northwest China.

The NDRC has vowed to work with relevant authorities to enhance monitoring and evaluation and ensure that construction of these projects is launched as soon as possible.

Starting this year and over each of the next several years, China will issue ultra-long special treasury bonds, with 1 trillion yuan set for this year, according to this year's government work report.