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.