China’s policymakers plan to sell a record 3 trillion yuan ($411 billion) worth of special treasury bonds in 2025, Reuters reported.

The plan marks a significant increase from this year’s 1 trillion yuan and is intended to support consumption, investments, and the recapitalization of large state banks.
This move is aimed at bolstering the slowing economy.
The plan marks a significant increase from this year’s 1 trillion yuan and is intended to support consumption, investments, and the recapitalization of large state banks, according to Reuters, citing two unnamed sources.
These fiscal measures are reportedly part of China’s broader economic planning for next year. Top leaders have hinted at bolder stimulus efforts as Beijing faces tariff threats from the incoming Trump administration.
Policymakers have pledged to expand the headline deficit and boost bond sales to strengthen fiscal policy and stimulate consumption.
China’s CSI 300 equity benchmark rose by 1.3%. Chinese government bonds extended losses, with the 10-year yield rising four basis points to 1.72% from a record-low close in the previous session.
The one-year rate surged by 23 basis points.
“It’s bigger than our expectations and shows the government’s willingness to shore up growth through a more sizable fiscal stimulus,” said Michelle Lam, Greater China economist at Societe Generale SA.
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