China to allocate 300 bln yuan in bonds for equipment upgrades, consumer good trade-ins

China will allocate 300 billion yuan ($41.40 billion) in ultra-long-term treasury bonds to support the programme of equipment upgrades and consumer goods trade-ins, the government said on Thursday.

China will allocate 300 billion yuan ($41.40 billion) in ultra-long-term treasury bonds to support the programme of equipment upgrades and consumer goods trade-ins, the government said on Thursday. China will lower project application requirement for using ultra-long special sovereign bonds to support equipment upgrades of small and medium-sized firms，according to a notice issued by the country's state planner and finance ministry.

China will raise subsidies for car trade-ins to up to 20,000 yuan apiece, it added. ($1 = 7.2465 Chinese yuan)