Hotline
+86-18086614611【Introduction to the Ultra-Long-Term Special Treasury Bond Project】
Distribution background
To systematically address the funding issues for some major projects in the process of building a strong country and rejuvenating the nation, it is planned to issue ultra-long-term special Treasury bonds for several consecutive years starting from 2024, which will be specifically used for the implementation of major national strategies and the construction of security capabilities in key areas.
In 2024, 1 trillion yuan of ultra-long-term special Treasury bonds will be issued, and in 2025, it is planned to issue 1.3 trillion yuan.
"Ultra-long-term" refers to a relatively long issuance period. The term of general government bonds is 3 years or 5 years, while the issuance term of ultra-long-term government bonds can reach 20 years, 30 years or even 50 years.
"Special" refers to Treasury bonds issued during a specific period with special purposes, which are used for specific purposes only, have flexible uses, and are not included in the fiscal deficit.
"National debt" refers to government bonds issued by the state, backed by the country's credit. Therefore, it is usually regarded as one of the safest investment tools.
Central repayment | Declaration entity | Support field |
| Special Treasury funds are allocated to local use through transfer payments, with principal and interest paid by the central government . There is no need for local governments or enterprises to repay. The state borrows and repays uniformly. "The central government borrows and the central government repays the principal and interest." Local governments and enterprises do not need to repay the principal and interest. | The application and usage entities of ultra-long-term special Treasury bonds include local governments, central enterprises, local state-owned enterprises and private enterprises. Units that meet the requirements of national debt investment projects can apply for national debt fund support. | The ultra-long-term special Treasury bonds to be issued in 2024 will mainly be used for the implementation of major national strategies and the construction of security capabilities in key areas (referred to as the "two major" areas), large-scale equipment renewal and the trade-in of consumer goods (referred to as the "two new" areas). |
【Ultra-long-term special Treasury bonds - Two directions of support areas and proportions】
5Support field | Main categories | Support scope | Support ratio |
1、Food security | Public service facilities in major grain-producing counties | Support projects with certain income such as secondary vocational schools, public kindergartens, compulsory education schools, ordinary high schools, county-level hospitals, county-level medical and health sub-centers in central towns, office elderly care service institutions, and comprehensive childcare service centers in major grain-producing counties. | The support ratio of central investment (including new central investment and various types of central fiscal construction funds such as central budgetary investment, the same below) shall not exceed 80% of the total investment of the project. |
Grain storage facilities | Support central reserve grain storage and logistics facilities, grain storage facilities undertaking local government grain reserve tasks, grain storage facilities in areas with storage capacity gaps for policy-based grain purchases, grain storage and logistics facilities located on key grain logistics routes and nodes, as well as central reserve cotton sugar storage and logistics facilities, etc. | Proportion of central investment support: For central reserve grain storage and logistics facilities projects, the investment shall not exceed 50% of the total project investment; for other central enterprises and local projects, it shall not exceed 30%; for grain storage facilities projects in the Tibet Autonomous Region and the prefectures and counties involved in Tibet in Qinghai, Sichuan, Yunnan and Gansu provinces, it shall not exceed 100%; for other projects in the Tibet Autonomous Region and the prefectures and counties involved in Tibet in the four provinces, and in Xinjiang region, it shall not exceed 50%. | |
2、Energy security | Supporting and regulating coal-fired power | Support and promote the consumption and utilization of new energy - supporting and regulating coal-fired power projects to ensure the safe operation of the power grid. The project must be included in the national power development plan, and its energy efficiency, environmental protection and flexible regulation capacity must comply with relevant national regulations. | The proportion of central investment support: For the central and western regions, the northeastern region, and regions that enjoy the policies of the central and western regions in accordance with the documents of the Central Committee of the Communist Party of China and The State Council, the relevant provisions of the "Special Management Measures for Central Budgetary Investment in the Consolidation and Upgrading Project of Rural Power Grids" (Development and Reform Commission Energy [2023] No. 48) shall be followed. For the eastern region, it shall not exceed 20% of the total project investment. |
Rural power grid renovation | Support the power grid renovation in weak rural areas such as poverty-stricken regions, old revolutionary base areas and remote areas to enhance the power supply guarantee capacity. Support the access and consumption of distributed renewable energy in rural areas and the transformation of the supporting power grid for charging infrastructure, and promote the development of renewable energy and the promotion of new energy vehicles in rural areas. | ||
3、The industrial chain and supply chain are stable and secure | Breakthroughs in core technologies in key areas | Support major integrated circuit production lines and other projects that conform to the planned layout. Support research and development projects on new electronic and electrical architectures for new energy vehicles, efficient electric drives, vehicle operating systems, solid-state batteries and key materials, etc. | The proportion of central investment support shall not exceed 15% of the total investment of the project. |
Supply guarantee of strategic mineral resources | Support major integrated circuit production lines and other projects that conform to the planned layout. Support research and development projects on new electronic and electrical architectures for new energy vehicles, efficient electric drives, vehicle operating systems, solid-state batteries and key materials, etc. | The proportion of central investment support shall not exceed 20% of the total investment of the project. | |
| New engine, new track | Support the research and development of artificial intelligence large model technology and industry application projects. Support the innovation of biological full-chain technology products and manufacturing production projects. Support aerospace batch and low-cost production and manufacturing projects. Support large-scale application projects of the Beidou Navigation Satellite System. Support key technology research and development demonstration and equipment manufacturing projects in the new energy industry fields such as wind, solar, hydrogen and storage. Support major projects in the new display field such as OLED panels, Micro-LED devices and glass substrate construction. Support large-scale intelligent computing power infrastructure for the training of large artificial intelligence models. Support the construction of new large and super-large computing power centers. | The proportion of central investment support shall not exceed 15% of the total investment of the project | |
| 4、Urban infrastructure and supporting infrastructure for affordable housing projects | New construction projects of urban gas, water supply, drainage and heating pipelines and facilities | New construction projects of urban gas, water supply, drainage and heating pipelines and facilities. | The eastern, central, western and northeastern regions shall respectively not exceed 50%, 70%, 80% and 80% of the total project investment. |
| Renewal and renovation of aging urban gas pipelines, etc | Support the renewal and transformation of aging pipelines and facilities such as urban gas water supply, drainage and heating. | ||
| Public water supply network damage management | Support the diagnosis, repair, renewal and transformation projects of old water supply networks, zonal metering projects, pressure regulation projects, and intelligent monitoring and regulation projects. | ||
| Urban village renovation and supporting infrastructure for affordable housing | This includes the construction of supporting infrastructure related to the urban village renovation in megacities and large cities with a permanent urban resident population of over 3 million, as well as the supporting infrastructure outside the red line of affordable housing. | ||
| Supporting infrastructure for affordable housing projects | This includes the construction of urban infrastructure related to the community, as well as the construction and renovation of underground pipelines within the community. | ||
| 5、Ecological and environmental protection and restoration | Ecological protection and restoration in key areas such as the "Three Norths" | Support the ongoing projects deployed in the "Three-North" project, such as forest fire prevention emergency roads and the construction of national reserve forests. | Central investment is supported in accordance with the existing quota standards of the central government. |
| Urban sewage and garbage collection and treatment facilities | Support projects with a total investment of over 100 million yuan. Support projects with a total investment of over 100 million yuan. | The proportion of central investment support: The eastern, central, western and northeastern regions shall not exceed 30%, 45%, 60% and 60% of the total project investment respectively. Among them, Tibet and the four southern Xinjiang prefectures and counties in the four provinces, Linxia Prefecture in Gansu Province, Liangshan Prefecture in Sichuan Province, Nujiang Prefecture in Yunnan Province and other regions shall, in principle, receive full subsidies. | |
| Comprehensive management of water environment in key river basins | Support major projects for comprehensive water environment management in key river basins such as the Haihe River, Zhun River, Songhua River and Pearl River, as well as important lakes and reservoirs such as Dahu Lake, Baiyangdian and Danjiangkou Reservoir. | The proportion of central investment support: the eastern, central and western regions shall not exceed 30%, 45% and 50% of the total investment of the project respectively. | |
| 6、Major infrastructure for transportation and logistics | Railway | Support trunk railways that smooth the backbone channels in the central and western regions and the northeastern region and strengthen national defense support in border areas, support intercity railway projects in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Hong Kong and Macao Greater Bay Area, and support projects to enhance railway freight capacity. | The proportion of central investment support shall not exceed 60% of the total investment of the project. |
| Highway | Support the projects of national expressways and toll ordinary national highways included in the "National Highway Network Plan". | The proportion of central investment support shall not exceed 50% of the total investment of the project. | |
| Water transport | Support port and waterway projects included in the "National Port and Waterway Layout Plan", as well as national bulk commodity storage and transportation base projects. Support port and waterway projects included in the "National Port and Waterway Layout Plan", as well as national bulk commodity storage and transportation base projects. | The proportion of central investment support: relevant ports and waterways shall not exceed 50% of the total project investment, and national bulk commodity storage and transportation bases shall not exceed 60% of the total project investment. | |
| Airport | Support new construction and expansion projects of transport airports. | Central investment support ratio: For hub airports, it shall not exceed 45% of the total project investment; for regional airports, it shall not exceed 90% of the total project investment. | |
| Logistics infrastructure | Support the public and basic infrastructure improvement projects within the national logistics hubs, national backbone cold chain logistics bases and national demonstration logistics parks that have been included in the annual construction list, including but not limited to multimodal transport transfer facilities, new construction, expansion and intelligent transformation of high-standard public warehousing facilities, bonded warehousing facilities, public logistics information platforms and information technology improvement projects, etc. Support cold chain logistics facility projects, including but not limited to cold chain distribution centers, new construction, expansion and renovation, intelligent transformation of public cold storage facilities and related supporting facilities projects. | The proportion of central investment support shall not exceed 30% of the total investment of the project. | |
| 7、Social undertakings | Construction of educational infrastructure | Support the construction projects of student dormitories in undergraduate colleges and universities, new campuses of central universities, industry-education integration and living facilities in vocational colleges, teaching and research facilities and living facilities in colleges and universities, and ordinary high schools. | The proportion of central investment support shall, in principle, be no more than 30%, 60% and 80% of the total project investment respectively for the eastern, central and western regions (including regions that enjoy the policies of the central and western regions in accordance with relevant national policies). The proportion of central investment support for projects in the Tibet Autonomous Region, the four southern Xinjiang prefectures and counties, and the four provinces' Tibetan-related prefectures and counties shall not exceed 100% of the total project investment |
| Construction of medical and health facilities | Support high-level hospitals in establishing national medical centers and national regional medical centers. Support the construction of provincial-level mental health specialized hospitals or mental wards in general hospitals. Support the construction of the National Center for the Inheritance and Innovation of Traditional Chinese Medicine and the "flagship" hospital of integrated traditional Chinese and Western medicine. Large cities that support the layout of public infrastructure for both peacetime and emergency use should strengthen the construction of hospitals. | ||
| Construction of cultural tourism facilities | Support the protection and utilization of historical and cultural heritage, as well as exhibition and display facilities. Support the protection, display and supporting service facilities of important natural heritage sites such as national parks. Support tourism infrastructure such as smart display facilities, supporting infrastructure and open service facilities within 4A-level and above tourist attractions. | ||
| National Fitness Facilities construction Project | Support sports parks, mass fitness centers, public service facilities for outdoor sports, fitness trails, etc. | ||
| Construction of service facilities for the elderly and children | Support projects such as elderly care service institutions, community elderly care facilities and community-based home elderly care service networks declared by cities as units. Support projects such as comprehensive childcare service centers and childcare service systems applied for by cities as units. | ||
| Other social undertaking construction projects | Support funeral parlors, mental health welfare facilities, preferential treatment hospitals, honor homes, provincial-level blind massage hospitals, rehabilitation and care facilities for the disabled, children's welfare facilities, facilities for the protection of minors, and memorial facilities for martyrs, etc. | ||
| 8、Other key areas | Major infrastructure in Tibetan-related prefectures and counties of Xinjiang and Tibet provinces | Support projects that are included in the "14th Five-Year Plan" implementation plan, have investment gaps, generate certain returns and have financing needs. | The proportion of central investment support shall not exceed 80% of the total project investment. All public welfare projects in the Tibet Autonomous Region are arranged by central investment. |
| Major infrastructure projects in pilot towns of the action to Enrich border areas and the people | Support the inclusion of pilot cities in infrastructure, public services, ecological and environmental protection facilities and other projects that are conducive to breaking through the development bottlenecks of central towns in border areas and enhancing the capacity for industrial and population agglomeration. | The proportion of central investment support shall not exceed 80% of the total project investment. All public welfare projects in the Tibet Autonomous Region are arranged by central investment. | |
| China-europe Railway Express Settlement Center | Support the implementation of the hub comprehensive capacity improvement project for the China-Europe Railway Express assembly Center, including infrastructure improvement projects such as stations, collection and distribution roads, inspection and operation facilities, and port-adjacent industrial parks. | The proportion of central investment support shall not exceed 50% of the total investment of the project. | |
| Capacity expansion and renovation of border ports | Support the capacity expansion and renovation projects of the 11 railway ports and 47 road ports that have been opened in our country, including the construction of additional dedicated railway lines, the establishment of designated supervision sites, the expansion and renovation of inspection and cargo yards, and the expansion and renovation of bonded logistics warehouses. | The proportion of central investment support shall not exceed 50% of the total investment of the project. | |
| Coordinated development of the Beijing-Tianjin-Hebei region | Support the implementation and construction of non-capital functions relocation projects from Beijing in Xiongan New Area. | The proportion of central investment support: No more than 60% of the total project investment in Xiongan New Area. No more than 30% of the total project investment in Beijing, Tianjin and other regions of Hebei. | |
Green development of the Yangtze River Economic Belt, ecological protection and high-quality development of the Yellow River Basin | Support comprehensive environmental pollution control projects that implement the "Outline of the Development Plan for the Yangtze River Economic Belt" and the "Outline of the Development Plan for the Yellow River or Ecological Protection and High-Quality Development", including pollution control projects in industrial parks and tailings pond treatment projects, etc. | The proportion of central investment support: the eastern, central and western regions shall not exceed 50%, 60% and 80% of the total project investment respectively. | |
The integrated development of the Yangtze River Delta, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and the comprehensive deepening of reform and opening up in Hainan | Support major projects that comply with policy requirements but have not been submitted in other investment fields. Support ratio: Central investment support ratio, the development direction of the integrated development of the Yangtze River Delta. | The eastern and central regions shall respectively not exceed 30% and 45% of the total project investment. The construction direction of the Guangdong-Hong Kong-Macao Greater Bay Area shall not exceed 30% of the total project investment. The support ratio for the comprehensive deepening of reform and opening up in Hainan shall not exceed 80% of the total project investment. | |
Comprehensive Revitalization of Northeast China | Support major projects that play a significant supporting role in enhancing the Northeast region's capacity to safeguard the country's "five major security" and have not been submitted in other investment fields | The proportion of central investment support shall not exceed 60% of the total investment of the project. |
【Ultra-long-term special Treasury bonds - Two new directions - Equipment renewal support areas and proportions】
支持领域 | Support scope | Investment requirements | Support ratio |
1、Equipment renewal and transformation in key industrial fields | Support the transformation and upgrading of enterprises in the petrochemical, chemical, steel, non-ferrous metals, building materials, machinery, automotive, textile, light industry, pharmaceutical (including medical devices), and metal and non-metal mining (exploration and development) industries. Eliminate backward and inefficient equipment and old equipment that has exceeded its service life, and update advanced and efficient production equipment and testing and inspection equipment. Industries with policy requirements such as industrial layout and production capacity must implement the relevant regulations | The fixed asset investment of the project shall not be less than 20 million yuan | The support ratio shall not exceed 15% of the approved fixed asset investment |
2、Renewal and transformation of energy-consuming equipment | In the industrial sector, we mainly support enterprises in industries such as power, heat, steel, non-ferrous metals, building materials, petrochemicals, chemicals, textiles, papermaking, machinery, and data centers to carry out the renewal and transformation of key energy-consuming equipment such as boilers, steam turbines, motors, transformers, air compressors, heat exchangers, pumps, ventilators, dust collectors, welding machines, and compressors. The renewal and transformation of key water-consuming equipment such as cooling towers in related industry enterprises, as well as the renewal and transformation of main and auxiliary equipment such as coal-fired boilers, steam turbines and generators involved in the improvement of the climbing performance of coal-fired power units and the wide-load high-efficiency transformation | No explicit requirements | The support ratio shall not exceed 20% of the approved total investment |
3、Renewal of energy and power facilities and equipment |
1. High-proportion transformation and upgrading of new energy transmission 2. Upgrading and transformation of grid-forming control technology 3. Stable improvement and transformation of the large power grid 4. Renewal and transformation of distribution network equipment 5. Improvement and transformation of grid-friendly performance for new energy 6. Renovation and upgrading of new energy storage power stations 7. Renovation and upgrading of electric vehicle charging facilities 8. Equipment renewal and transformation of virtual power plants 9. Renewal and transformation of wind power and photovoltaic equipment 10. Upgrading and transformation of coal-to-oil and gas and bio-oil and gas equipment | The total investment in the renewal project of energy and power facilities and equipment shall not be less than 20 million yuan, among which the total investment in the renewal and transformation project of distribution network equipment shall not be less than 100 million yuan | The support ratio shall not exceed 15% of the approved total investment |
4、Renewal and transformation of transportation facilities and equipment |
1. Equipment renewal and transformation in the railway sector 2. Update of civil aviation facilities and equipment 3. Renovation and upgrading of old facilities and equipment in urban rail transit 4. Scrapping and renewal of old operational vessels | No explicit requirements | The support ratio for equipment renewal and transformation projects of railway public transport service enterprises shall not exceed 50% of the equipment purchase amount, and for other enterprises, the support ratio shall not exceed 40% of the equipment purchase amount. The renewal of civil aviation facilities and equipment shall not exceed 50% of the equipment purchase amount. Old and dilapidated ships are subsidized on a fixed tonnage basis |
5、Renewal and transformation of logistics facilities and equipment | Warehouse automation, cold chain logistics equipment, etc | The total investment of the project should be over 20 million yuan | Not exceeding 30% of the approved investment |
| 6、Upgrading and renovation of environmental infrastructure | 1.Upgrading and renovation of domestic waste classification and treatment facilities | The total investment of the project shall not be less than 30 million yuan | The support ratios for the eastern, central, western and northeastern regions shall not exceed 40%, 60%, 70% and 70% of the approved total investment respectively, and the support funds for a single project shall in principle not exceed 100 million yuan |
2.Upgrading and renovation of water pollution control facilities | The total investment of the project shall not be less than 50 million yuan | The support ratios for the eastern, central, western and northeastern regions shall not exceed 40%, 60%, 70% and 70% of the approved total investment respectively, and the support funds for a single project shall in principle not exceed 100 million yuan | |
3.Renovation and upgrading of seawater desalination equipment and facilities | The total investment of the project shall not be less than 20 million yuan | The support ratios for municipal engineering projects in the eastern, central, western and northeastern regions shall not exceed 40%, 60%, 70% and 70% of the approved total investment respectively (the support ratio for island seawater desalination projects shall not exceed 70% of the approved total investment), and the support ratio for enterprise projects shall not exceed 15% of the approved total investment. The support funds for a single project shall in principle not exceed 100 million yuan | |
| 7、Renewal of green production process equipment in phosphorus chemical enterprises | Transformation of green production process equipment | The support ratio shall not exceed 20% of the approved total investment | The support ratio shall not exceed 20% of the approved total investment |
| 8、Update of educational equipment | Teaching instruments, training bases, smart campuses | No explicit requirements | For profit-making projects of enterprises, the support ratio shall not exceed 10% of the approved total investment. For non-profit projects, the support ratio shall not exceed 60% of the approved total investment. The support funds for a single project shall not exceed 200 million yuan |
9、Renovation and upgrading of cultural and tourism equipment and facilities | Scenic area ropeways, performance facilities, smart tourism facilities, etc | The total investment of the project shall not be less than 20 million yuan | The support ratio shall not exceed 15% to 30% of the approved total investment |
10、Update of medical equipment | Replacement of medical imaging, critical care and emergency equipment, etc | The total investment of the project shall not be less than 20 million yuan | For non-profit organizations, the support ratio shall not exceed 60% of the approved total investment |
11、Renewal and replacement of old elevators in residential buildings | Safe replacement of residential elevators | The total investment of the project shall not be less than 20 million yuan | The support ratio shall not exceed 15% of the approved total investment |
12、Equipment renewal and transformation in key areas of electronic information | Transformation of semiconductor and intelligent terminal production lines | The total investment of the project shall not be less than 20 million yuan | The support ratio shall not exceed 15% of the approved total investment |
13、Renewal and transformation of facility agricultural equipment | Intelligent greenhouses, sowing and harvesting machinery, etc | No explicit requirements | The support ratio shall not exceed 30% of the approved total investment |
14、Update of grain and oil processing equipment | Upgrade of grain drying and oil processing equipment | The total investment of the project is between 10 million and 15 million yuan | The support ratio shall not exceed 30% of the approved total investment |
15、The customs inspection equipment has been updated | Intelligent supervision equipment and security inspection instruments | No explicit requirements | The support ratio is 100% of the total project investment |
16、Recycling and reuse |
1. Recycling system construction 2. Remanufacturing 3. Processing and utilization of recycled resources | The total investment of the project shall not be less than 30 million yuan | The support ratio shall not exceed 15% of the approved total investment |
