China’s NDRC Allocates CNY 62.5 Billion in Third Batch of Ultra-Long Special Bonds for Trade-In Subsidies

China’s National Development and Reform Commission (NDRC) has issued the third 2026 batch of funding worth CNY 62.5 billion from ultra-long special treasury bonds to support consumer goods trade-in programs, according to 36Kr. The NDRC said it has worked with China’s Ministry of Finance and other departments to allocate the funds in quarterly batches this year. As of June 20, 2026, China’s consumer goods trade-in program had benefited 136 million instances of participation and generated more than CNY 1 trillion in sales. The subsidy leverage ratio rose to 1:10.3 from 1:7.8 in 2025, meaning each yuan of subsidies drove 10.3 yuan of household consumption.