(ECNS)— China is accelerating the upgrading of aging residential elevators and the installation of elevators in existing apartment buildings, backed by funding from ultra-long special treasury bonds, according to CCTV News.
Since the beginning of 2026, about 30.9 billion yuan ($4.6 billion) in treasury bond funding has been allocated nationwide to support the replacement or upgrading of 197,000 aging residential elevators, according to the Ministry of Housing and Urban-Rural Development.
Many local governments have included residential elevator renewal projects among their key livelihood programs and explored various funding models combining treasury bond support, government subsidies and contributions from homeowners.
This year marks the first time that China’s ultra-long special treasury bond policy has been extended to cover the installation of elevators in existing residential buildings.
The ministry said 7.6 billion yuan has been allocated for the installation of 28,000 elevators in older residential communities nationwide.
(By Helen Mo, intern Wu Jingjing)
京公网安备 11010202009201号