2025 Annual Ultra-Long-Term Special Government Bond Application Guide: Changes in Investment Direction, Key Points, and a Comprehensive Process Analysis

Office of the Ministry of Finance On the 31st, the key-term government bonds, short-term government bonds, and ultra-long-term general government bonds for the second quarter of 2025 will be announced. Arrangements concerning the issuance of savings bonds and special government bonds funded by central financial institutions. Among them, On April 11, the government will issue another round of ultra-long-term general government bonds with a 30-year maturity. On April 24, it will launch, for the first time, special government bonds aimed at injecting capital into central financial institutions, maturing in 2025. 2025 marks the crucial concluding year of the 14th Five-Year Plan. To counter economic cyclical fluctuations, the state is expanding the issuance of ultra-long-term special government bonds—with maturities of 15 years or longer—to a total scale of 1.8 trillion yuan. These bonds are strategically targeted at addressing medium- and long-term needs related to strategic security, industrial upgrading, and consumption upgrading. Based on policy developments and practical operational experience, this article provides an in-depth analysis of key application points, supported sectors, and process optimization strategies, helping government agencies and enterprises accurately seize the benefits of these policies.

*Arrangements Regarding the Issuance of National Bonds in the Second Quarter of 2025

 

1、 Sector realignment: Focus on “Dual Expansion” and “New Dual Capacity”

 

With Compared to 2024, the ultra-long-term special government bonds issued in 2025 show two significant changes in their support priorities: the scope of support for “Two Heavy” projects has been broadened and further refined; and new key areas have been added to the “Two New” projects, further strengthening the strategic orientation toward national goals.

(1) “Dual-Track” Project: Supporting Directions Extend in Multiple Dimensions

At Building on the eight areas and 17 key tasks supported in 2024, in 2025 the “dual” sectors will achieve two major breakthroughs:

1. Spatial Expansion: The scope of water conservancy projects has expanded from regional initiatives to large- and medium-sized irrigation districts and water diversion projects nationwide, with a particular focus on intercity railway construction in key metropolitan areas. First time Included on the support list;

2. Deepening of Focus Areas: A new special initiative has been launched to reduce logistics costs across the entire society nationwide, while continuing to provide strong support for ecological protection in the Yangtze River Economic Belt, the New Western Land-Sea Corridor, the public service system for the urbanization of rural-to-urban migrant populations, and the upgrading of higher education.

(2) “Two New” Projects: Optimizing Thresholds and Driving Domain Innovation

The “Two New” projects will achieve two major adjustments by 2025:

1. Differentiated investment thresholds: The minimum investment amount for projects in sectors such as cultural tourism and grain & oil processing has been lowered to 10 million yuan, while the threshold for other “two new” projects has generally been adjusted upward to over 20 million yuan, significantly reducing the difficulty of applying for these projects.

2. New supported areas: New strategic areas such as smart city infrastructure upgrades and supporting energy storage facilities for new energy sources have been added. Localities are encouraged to leverage their industrial strengths in planning and deploying innovative projects. 。

 

2、 Key points for application: Differentiated requirements for two types of projects

 

(1) Detailed Guidelines for the “Two-Track” Project Application

1. Newly started projects

Time node: Must be ensured. Commence construction and generate tangible work volume by the end of 2025, giving priority to projects with complete land-use and environmental impact assessment procedures.

Misalignment of Funding Arrangements: In principle, central government financial funds (including national bonds and budgetary investments) shall not provide duplicate support for the same project. However, in key areas, overlapping support may be considered on a case-by-case basis.

2. Projects under construction

Progress Control: The main construction start date must be before... After January 2022, the investment completion rate fell below 80%. The investment scale needs to exceed. 100 million yuan (exempted in sectors such as transportation and water conservancy) ；

Funding restrictions: Granted For projects supported by central funds before 2024, the total support ratio must not exceed the upper limit applicable to their respective sectors; projects that had not commenced construction before 2024 may not be re-applied for.

(2) “Two New” Project Application Rules

Commitment System for Procedures: For projects that urgently require support but lack complete documentation, local governments are permitted to issue a written commitment letter clearly specifying the deadline for completing preliminary work and identifying the responsible parties.

Compliance Red Line: It is strictly prohibited to include content related to real estate, construction of government buildings and public facilities, or any content banned by the state.

 

3、 Entire Application Process: Parallel Dual-Channel System and Tiered Review

1. Dual-line declaration mechanism

Online: Project information is entered into the National Database of Major Construction Projects and, after being screened by the local development and reform authorities, is included in the three-year rolling plan database.

Offline: Submit in person the paper materials, including the fund application report, approval documents, and authenticity statements.

2. Tiered Review Process

County-level preliminary review → Municipal-level review → Provincial-level compilation → Final review by the National Development and Reform Commission—key areas of verification include the authenticity of project codes, risks of duplicate submissions, and compliance of funding.

 

4、 Application Report Framework and Review Points

 

(1) Reporting Content Standards

The application report must include: Eight major modules: overview of the project entity, analysis of the necessity for construction, financing plan, assessment of economic and social benefits, and supporting documentation such as land-use permits and environmental impact assessment approvals.

(2) Review the Ten Dimensions

NDRC review focuses on “Compliance + Maturity”:

1. Is the project included in the national three-year rolling plan?

2. Completeness of construction procedures (especially for projects under construction);

3. Compliance with the proportion of central funding support;

4. Status of implementation of local matching funds;

5. Screening of lists of untrustworthy entities, etc.

5、 Key Considerations and Practical Recommendations

 

1. Early-stage depth determines competitiveness.

For “Two-Heavy” projects, the preliminary design must be completed at a minimum; for “Two-New” projects, the project must have entered the procurement or equipment purchasing stage.

2. Dynamic adaptation to policy adjustments

Integrate small-scale projects (such as packaging cultural and tourism-related projects into a single package) (Over 10 million yuan), and avoid reporting projects that cannot commence construction in 2025.

3. Promote efficient collaboration and coordination

It is recommended to establish a special task force that, in collaboration with consulting agencies, will maintain real-time communication with the development and reform authorities to shorten the document preparation cycle.

 

6、 The NDRC approves three major guidelines.

 

Liu Sushe, Deputy Director of the National Development and Reform Commission, emphasized that... Project approvals in 2025 will follow:

1. Precisely address shortcomings: Prioritize support for urban renewal and projects aimed at improving people’s livelihoods.

2. Proactive scientific justification: Strengthen early-stage assessments and ensure the implementation of construction conditions.

3. Optimization of financial leverage: Increase the allocation of central funds toward projects that place significant pressure on local matching contributions.

 

Conclusion  

The ultra-long-term special government bonds issued in 2025 not only represent a window of policy benefits but also serve as a crucial test of the ability to integrate resources between government and enterprises. It is recommended that applying entities focus tightly on the three key dimensions—“technological leadership, financial self-sufficiency, and strategic alignment”—and prioritize projects that have already completed core approval milestones such as land-use planning and environmental impact assessments. We should strive to ensure that these projects are put into operation within the first batch of funding disbursement period scheduled for June.

(Note: For specific application guidelines, please refer to the official documents issued by the provincial development and reform authorities.)