China completes third batch of special treasury bond allocations to boost consumption

China has completed the allocation of 69 billion yuan ($9.6 billion) in ultra-long special treasury bonds, marking the third batch of incentives to support the trade-in of consumer goods. A fourth batch of the same amount is scheduled for release in October, the National Development and Reform Commission (NDRC) said on Friday.

The rollout will bring the total for the year to 300 billion yuan (around $41.6 billion), said Jiang Yi, director of the NDRC's policy research office and spokesperson for the commission, at a press briefing.

Jiang added that this year's 800 billion yuan investment list for key and major projects has also been fully allocated, while 735 billion yuan in central budgetary investment has been nearly completed.

Zhou Chen, director-general of the Department of National Economy at the NDRC, said China's economy showed strong resilience in the first half of the year. Domestic demand contributed 68.8 percent to GDP growth, continuing to serve as a key driver. Foreign trade remained robust, equipment manufacturing played a stabilizing role, and the modern services sector accelerated its expansion.

Zhou noted that services consumption has continued to rise this year, with early-year cultural hits such as Ne Zha 2 and humanoid robots driving interest in educational travel, tourism, and domestic brands. Going forward, the NDRC will focus on enhancing consumer purchasing power and implementing targeted actions to boost consumption, particularly in cultural tourism, sporting events, and essential services such as elderly care, healthcare, and childcare — aiming to reinforce the virtuous cycle between consumption and investment.