National Development and Reform Commission: The third batch of 62.5 billion yuan in ultra-long-term special national bonds to support the exchange of old for new consumer goods has been issued recently.

Recently, the National Development and Reform Commission, together with the Ministry of Finance, issued the third batch of 62.5 billion yuan of special ultra-long-term national bonds to support the funding for the replacement of old consumer goods with new ones. Next, relevant departments will continue to guide localities to grasp the work pace reasonably, balance the use of subsidy funds, regulate and efficiently carry out audits and payments, strengthen the entire chain closed-loop management, and improve the efficiency of central fund utilization. The original text is as follows: The third batch of 62.5 billion yuan of special ultra-long-term national bonds to support the replacement of old consumer goods with new ones has been recently issued. Since the beginning of this year, the National Development and Reform Commission, together with the Ministry of Finance and other departments, has conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council on optimizing the implementation of the "two new" policies. The special ultra-long-term national bonds to support the replacement of old consumer goods with new ones have been allocated in batches by quarter, promoting a more stable pace of work, balanced and orderly use of funds, and continuous manifestation of policy effects. As of June 20, 2026, the sales volume of old-for-new consumer goods has exceeded 1 trillion yuan, benefiting 136 million people, and the leverage of subsidy funds has increased from 1:7.8 in 2025 to 1:10.3. Under the stimulus of the policy to replace old consumer goods with new ones, the potential of green and smart consumption is accelerating. From January to May, the retail sales of high-energy efficiency-rated appliances in above-quota units grew by over 30%, the retail penetration rate of new energy vehicles exceeded 60% for two consecutive months, and the retail sales of smart glasses and other wearable smart devices included in the subsidy scope this year increased by more than double year-on-year. Recently, the National Development and Reform Commission, together with the Ministry of Finance, issued the third batch of 62.5 billion yuan of special ultra-long-term national bonds to support the funding for the replacement of old consumer goods with new ones to localities. Next, relevant departments will continue to guide localities to grasp the work pace reasonably, balance the use of subsidy funds, regulate and efficiently carry out audits and payments, strengthen the entire chain closed-loop management, and improve the efficiency of central fund utilization.