Explainer | How China is expanding and accelerating its ‘special bonds’ programme

Beijing is issuing more ultra-long-term government bonds as it strives to shore up the Chinese economy amid an intensifying US trade war

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China plans to issue special government bonds worth more than US$170 billion this year, as it looks to shore up the economy amid an intensifying trade war with the United States. Photo: Getty Images

Published: 6:30pm, 24 Apr 2025

China’s Ministry of Finance kicked off its issuance of ultra-long-term special government bonds for 2025 on Thursday, as part of a plan to raise 1.3 trillion yuan (US$178 billion) over the course of the year.

The government has been making greater use of these special bonds – which are used to raise extra funds for key national projects – over the past few years, as it strives to shore up the Chinese economy amid a period of rising global turbulence.

This year, with China facing an intensifying trade war with the United States, Beijing plans to sell more bonds, faster, than ever before.

This explainer breaks down what is new in this year’s special bond roll-out – from where the money is going, to how the government’s sales plan is changing.

What are ultra-long-term bonds, and how does China use them?

The ultra-long-term special government bonds China plans to sell this year are sovereign bonds with maturities of 20, 30 and 50 years. Essentially, they are financial tools the Chinese government uses to borrow money in order to fund public spending.

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