China Issues 300-billion-yuan Treasury Bonds

China's top economic planner announced on Thursday new measures including the issuance of special treasury bonds to expand the existing trade-in and equipment upgrade scheme, as part of its efforts to spur consumption.

Approximately 300 billion yuan in ultra-long special treasury bonds will be earmarked to boost large-scale equipment renewals and replace old consumer goods with new ones, the National Development and Reform Commission told a press conference in Beijing. The fund, expected to be fully in place by the end of August, will subsidize a wider range of equipment upgrades and consumer products trade-in.