Major Announcement: RMB 216.8 Billion in Ultra-Long-Term Special Government Bonds Allocated to Support 336 Major Projects

Recently, the National Development and Reform Commission, in coordination with relevant departments, has organized and issued 2026 The second batch of the year “ Two layers ” List of construction projects, with funding allocated from the ultra-long-term special treasury bonds. 2168 100 million yuan, support 336 A major project 。

In addition to the previously issued 3897 hundred million yuan, with a cumulative allocation this year “ Two layers ” Construction funds have reached 6065 hundred million yuan, accounting for the entire year 8000 of a total of 100 million yuan 76% Notably, the disbursement of funds has progressed significantly faster than last year, demonstrating a firm commitment to stabilizing investment and promoting development. 

Which key areas should we focus on? 

The second batch “ Two layers ” The construction of related projects covers several key areas, including: 

Artificial intelligence 

Construction and Renovation of Urban Underground Utility Networks 

Transport Infrastructure in the Yangtze River Economic Belt 

High-standard farmland 

Quality Enhancement and Upgrading of Higher Education 

“ Three Norths ” Project Wait 

The so-called “ Two layers ” namely, the implementation of major national strategies and the development of security capabilities in key areas. Priority investment is directed toward such areas as achieving scientific and technological self-reliance and strength, integrated urban–rural development, balanced regional development, high-quality population development, food security, energy and resource security, and ecological security, thereby effectively addressing weaknesses and strengthening weak links, facilitating the smooth implementation of major national strategies, and significantly enhancing security capabilities in key areas. 

What are the investment results? 

In the first quarter of this year, nationwide fixed-asset investment increased year on year. 1.7% , successfully reversing last year’s full-year decline 3.8% the situation. 

Among them, as the issuance and utilization of ultra-long-term special government bonds and local government special-purpose bonds accelerate, “ Two layers ” Project commencement and construction are progressing in an orderly manner, with intensified efforts to enhance the quality and efficiency of major project development:

Investment in projects with a planned total investment of RMB 100 million or more increased year on year. 4.5% , with a growth rate higher than that of total investment 2.8 percentage points 

Drive overall investment growth 2.6 percentage points 

Infrastructure investment has grown, driven by the accelerated commencement of major projects. 8.9% , with investments in the air transport industry and the water transport industry increasing by 43.3% and 34.1% 。

What will be the priority for stabilizing investment in the next phase? 

Officials from the relevant departments stated that they will further refine and optimize mechanisms related to investment and financing, and accelerate implementation. “ Soft Construction ” Implement measures to strengthen oversight of central government investment funds and expedite the generation of more tangible project deliverables. 

This year, the state will launch a series of initiatives to expand effective investment in the following areas:

“ Artificial intelligence +” Infrastructure 

Urban Renewal 

National Water Network 

New Energy System 

Meanwhile, it will be fully implemented in central government investment projects. “ Soft Construction ” Work to foster the establishment of a long-term mechanism for project construction, implementation, and operation and maintenance. In addition, the National Venture Capital Guidance Fund will be leveraged to attract and mobilize social capital to support technological innovation and the development of emerging industries. 

In terms of government investment, we will promote this year 7550 RMB 100 million in central budgetary investment, 1 Trillion-yuan ultra-long-term special government bonds were 6 The allocation will be substantially completed by the end of the month, further increasing the share of local government special bonds earmarked for project construction and accelerating their orderly disbursement. 8000 RMB 100 million in funding from new policy-based financial instruments will be provided to support central enterprises in implementing a number of major projects that span regions, river basins, and long industrial and supply chains. 

Private Investment Sends Positive Signals 

In the first quarter of this year, private investment declined year on year. 2.2% , but the decline narrowed compared with the full year of the previous year. 4.2 percentage points; excluding real estate development investment, private investment increased year on year 1.3% 。

According to expert analysis, the narrowing decline in private investment is mainly attributable to the easing of the drag from the real estate sector, the intensification of policy support, and the recovery of market expectations. Private capital has regained confidence in sectors such as manufacturing and infrastructure-related supporting industries, while policies such as interest subsidies on loans and special-purpose guarantees have effectively reduced financing costs and lowered entry barriers for private enterprises. 

Next, we will further refine the long-term mechanism for private enterprises’ participation in the construction of major projects, with a focus on Digital economy, artificial intelligence, and commercial spaceflight In high-growth sectors, a series of policies and reform measures have been introduced to stimulate private investment, encouraging central state-owned enterprises and private firms to collaborate on key projects such as breakthroughs in critical core technologies, thereby continuously energizing private investment. 

How should we view investment for the entire year? 

Some analysts point out that, driven by the accelerated issuance of special-purpose bonds and the simultaneous commencement of major projects in the first quarter, infrastructure investment posted relatively strong growth. However, once the second quarter begins, the pace of growth may moderate marginally. In “ The 15th Five-Year Plan ” Driven jointly by the accelerated implementation of mature major projects, the coordinated deployment of existing and additional fiscal funds, and the sustained improvement in corporate profitability, 2026 Annual investment growth is expected to continue its improving trend, with the trajectory likely to be “ Rise sharply first, then stabilize. ” Characteristics of. 

Stabilize investment, promote development, and benefit the people. —— The accelerated issuance and implementation of ultra-long-term special government bonds is injecting strong momentum into high-quality development!