China allocates $12.6 billion more for equipment upgrades, nears annual target

(ECNS) - China has allocated 91.5 billion yuan ($12.6 billion) in a second batch of funding this year to support equipment upgrades, bringing the total to 185.1 billion yuan, or 92% of its annual target, the country's top economic planner said.

The National Development and Reform Commission said the latest funding, sourced from ultra-long special treasury bonds, will support more than 6,700 projects across sectors including industry, energy, transport, healthcare and agriculture.

The projects are expected to drive a total investment of more than 380 billion yuan, according to an NDRC statement.

The program also supports the replacement of older equipment, such as freight trucks, new energy city buses and agricultural machinery.

Under the policy, investment in equipment and tools rose 13.9% year over year in the first quarter, accelerating by 2.4 percentage points from the January-February period, the NDRC said.

The increase contributed 2.3 percentage points to overall investment growth, it added.

The NDRC said it would step up oversight of fund use and accelerate project implementation and payments.

(By Zhang Jiahao)