Beijing - Saba:
China has allocated 69 billion yuan (about $9.66 billion) in the third batch of special ultra-long-term treasury bonds to support the consumer goods replacement program, the Ministry of Finance announced on Friday.
Wu Kai, a Ministry of Finance official, told a press conference, according to Xinhua, that the ministry and the National Development and Reform Commission have allocated 300 billion yuan of the funds to support the program this year.
Wu added that the first two batches of the funds, totaling 162 billion yuan, were allocated in January and April, and that the remaining funds will be disbursed in October to support local authorities in strengthening the program.
As of July 16, a total of 280 million people nationwide had applied for subsidies under the consumer goods replacement program, resulting in sales of related goods exceeding 1.6 trillion yuan, according to official data released by the National Development and Reform Commission.In its next step, the committee announced that it would improve aid distribution methods, ensure more systematic implementation of policies, and strengthen oversight of product quality and prices.