TREE NEWS update: China’s Ministry of Finance released its report on the implementation of fiscal policy for the first half of 2026, pledging support for the “Two Major” construction and “Two New” programs and for improving their implementation mechanisms. The ministry said it will coordinate the use of ultra-long special treasury bonds, local government special bonds and central budget investment, focusing more on new quality productive forces and new urbanization and supporting major projects set out in the 15th Five-Year Plan.
China’s Finance Ministry Pledges Support for ‘Two Major’ and ‘Two New’ Programs
The signal here is coordination: ultra-long special treasury bonds, local government special bonds and central budget investment are being deployed as one financing stack rather than separate channels, which matters for how infrastructure-linked tokens and RWA collateral tied to Chinese public projects get underwritten. The emphasis on new quality productive forces and new urbanization, alongside 15th Five-Year Plan projects, points to where real-asset pipelines may form next. Whether local governments can convert this central commitment into bankable, tokenizable assets remains the open question.
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