First batch of 1-trillion-yuan special treasury bonds to be issued on Friday

China plans to issue the first batch of 1-trillion-yuan ($140 billion) ultra-long-term treasury bonds starting from Friday, as the authorities seek funds to shore up government spending and crucial project investment in order to set a solid foundation for high-quality economic development.

The timing of the ultra-long special treasury bonds in 2024 will go from May through November. The bonds will include 20-year, 30-year and 50-year securities, according to a statement on the website of the Ministry of Finance (MOF) on Monday.

The Communist Party of China Central Committee's Political Bureau held a meeting on April 30 that stressed that the country should ramp up efforts to effectively implement the set macro policies, while optimizing proactive fiscal policy and a prudent monetary policy, the Xinhua News Agency reported earlier.

Ultra-long special treasury bonds will be issued at an early stage and put to good use, while the issuance and utilization of the proceeds will be expedited, according to the tone-setting meeting.

During this year's two sessions in March, the policymakers said that China plans to issue ultra-long special treasury bonds in 2024 and in each of the next several years. One trillion yuan of such bonds will be issued this year.

The plan to issue ultra-long special government bonds starting from 2024 is a strategic decision that serves the goal of building China into a great country and rejuvenating the Chinese nation, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), told a press conference during the two sessions in March.

The funds raised through selling the special treasury bonds will support scientific and technological innovation, integrated urban-rural development, coordinated regional development, food and energy security, and high-quality development of the population, Zheng said then.