Chinese authorities have approved a record issuance of 3 trillion yuan ($411 billion) in private treasury bonds for 2025, according to two sources cited by Reuters. The move signals Beijing’s commitment to using fiscal stimulus to address economic stagnation.

This represents a significant increase from the 1 trillion yuan issued this year and coincides with preparations for potential tariff hikes on Chinese imports as Donald Trump is expected to reassume the U.S. presidency in January.

The proceeds will target initiatives such as consumer subsidies, business equipment upgrades, and investments in innovation-driven sectors. According to the sources, who spoke anonymously due to the sensitivity of the issue, the plan underscores China’s proactive approach to offsetting deflationary pressures.

Officials from the State Council Information Office, Ministry of Finance, and National Development and Reform Commission (NDRC) did not immediately comment on the development.

Following the announcement, yields on China’s 10-year and 30-year treasury bonds rose by 1 basis point and 2 basis points, respectively. The planned issuance, the largest on record, demonstrates Beijing’s willingness to expand borrowing to stabilize the world’s second-largest economy.

China generally reserves ultra-long-term corporate bonds for extraordinary circumstances, reflecting the significance of this initiative.

Approximately 1.3 trillion yuan from the new issuance will fund “two major” and “two new” programs: A consumer subsidy program to encourage trade-ins for new vehicles and appliances, subsidies for large-scale business equipment upgrades, and infrastructure projects in critical sectors, including railways, airports, and farmland.

The NDRC reported that 70% of the proceeds from this year’s bond issuance funded major projects, while the remainder supported new schemes.

Another significant portion, exceeding 1 trillion yuan, will drive investments in advanced manufacturing, including electric vehicles, robotics, semiconductors, and green energy. Additionally, funds will recapitalize state-owned banks struggling with shrinking margins, declining profits, and rising non-performing loans.

The issuance will account for 2.4% of China’s 2023 GDP. For comparison, Beijing’s 2007 issuance of 1.55 trillion yuan represented 5.7% of GDP at the time.

The announcement follows the annual Central Economic Work Conference, where President Xi Jinping and senior officials outlined economic plans for 2025. The state media summary emphasized “steady economic growth,” raising the fiscal deficit ratio, and increasing government debt issuance, without detailing figures.

Recent Reuters reports indicate China may raise its budget deficit to a record 4% of GDP and aim for an economic growth target of around 5% next year.

China’s economy faces multiple headwinds, including a protracted property crisis, rising local government debt, and weak consumer demand. Exports, traditionally a growth driver, risk new U.S. tariffs of over 60%, threatening another economic lifeline.

Domestic consumption remains subdued, with households grappling with falling property values and minimal social safety nets. To counter weak demand, Beijing plans to expand its consumer and industrial equipment swap programs to more products and sectors.

These days, the topic of comparing the Taliban and Tahrir al-Sham (HTS) has become a hot topic in the media outlets and social networks. The head of HTS recently said that Syria will not turn into another Afghanistan, because both countries have different social and cultural situations and Afghanistan has tribal structures.

His words have provoked different reactions from Afghan social media users – some have confirmed these statements of Jolani, but some have opposed them. However, the words of the leader of the HTS delegation that Syria will not become another Afghanistan and his gentle and flexible approach to the people have attracted the attention of many.

Jolani has now become the next leader of Syria from the leadership of an old “terrorist” group, and both countries, including Russia, which supported Bashar Assad’s regime, also want political interaction with him. Although it is too early to believe all the words of Jolani, it is clear that he has so far introduced himself as a practical and moderate figure.

He has been able to gain the attention of the Syrian people and the media and be ahead of other Islamists. On the other side of the story, we are dealing with the Taliban, the group that in the last three years has only secretly invited people to follow them with the language of force and violence, including threats, beatings, arrests, torture, and murders. The Taliban came to reform the people they believed in, not to listen to the people’s demands through moderation and to respect the internationally accepted principles.

If we analyze the current situation of Syria and Afghanistan from the point of view of political realism, then we are faced with two different attitudes: one representative is the Tahrir al-Sham group led by Ahmed al-Shara and the other representative is the Taliban group led by Mullah Hibatullah.

“Bad” or “worse” “terrorists”, a common scourge of realism in today’s politics.

Both groups are hardline Islamic groups and have extensive backgrounds in “terrorism”, but their attitudes differ from each other. The first group tries to conform to the demands of the people and the world, while the second group stubbornly wants the people and the world to submit to their demands.

The first group wants to interact with the people and the world, but the second group insists that they will not interact.

HTS’s leader (L) and the Taliban Prime Minister (R)

The main fear of the Taliban and other ideological groups, whether they are right-wing or left-wing, is death. Based on this reason, in order to preserve their old beliefs and sacred values, which have become old since time and are no longer hurting the society in the process of change, they are willing to commit any kind of crime.

Some groups, such as Hayat Tahrir al-Sham, when they realize the failure of their long-term efforts to achieve their imaginary and ambitious goals, they come to the conclusion that without accepting flexibility and leaving aside reality for political stability, which is always changing, he has no other choice.

These groups, however outwardly, are trying to change, but all these efforts continue until their power bases are threatened.

For another example, if we compare Hayat Tahrir al-Sham with the Taliban, considering what we have seen in Syria in this short period of time, Hayat Tahrir al-Sham is considered a “good” armed group by the countries of the world – known as, while the Taliban have proved that they are “evil” in their three years of actions. “Good” armed groups like Jolani go along with the world and give up ideology, even if only temporarily.

He is a pragmatist and knows that the world is not going his way, and that he must submit to the ruling order of the world. Therefore, “good” armed groups are better than “bad” armed groups who never want to give up their ideological selfishness and be ready for compromise and reconciliation.

The existence of the worst, such as ISIS, makes the others ‘better’.

The Securities Association of China (SAC), an industry watchdog, issued a directive last week urging chief economists at Chinese brokerages to “play a positive role in interpreting government policies and boosting investor confidence,” according to the state-run financial newspaper Securities Times.

The statement did not clarify what constitutes “inappropriate comments,” but it warned that individuals who “repeatedly trigger reputational risks due to inappropriate comments or behaviors” or cause “major adverse effects” within a specified timeframe could face serious consequences, including termination.

This directive represents Beijing’s latest effort to restore investor confidence and stimulate economic growth in the world’s second-largest economy. However, some analysts and economists express concerns that increasing censorship might heighten the risk of policy missteps.

Nikkei Asia reported that a Chinese economist working at a bank recently received an internal warning for public comments on the economy. According to SAC guidelines—supervised by the China Securities Regulatory Commission (CSRC)—chief economists are prohibited from attending meetings, events, or making public statements without prior approval from their firms. The guidelines also stipulate that brokerage firms should avoid hiring economists with a “spotty track record.”

The warning comes weeks after candid discussions by prominent economists Gao Shanwen and Fu Peng sparked social media debates on the reliability of official economic indicators, including unemployment rates and growth statistics. Following their viral remarks, access to their social media accounts was restricted.

China’s post-pandemic economic recovery has underperformed expectations, leading to debates about whether the economy is nearing recession. In 2022, the country’s official growth rate was 5.2%, its slowest since 1990, excluding the years of COVID-19 disruptions. During the annual economic work conference last year, Beijing urged officials to uphold a “bright theory” of economic conditions amid challenges like a property market downturn and declining stock values. The government also restricted negative commentary on the economy, labeling such rhetoric as “false.”

Since September, Chinese leaders have introduced a range of stimulus measures to restore confidence. These include lowering interest rates, reducing mortgage costs, and offering low-interest loans to encourage stock buybacks. However, these efforts have had limited impact. Consumer inflation dropped to a five-month low in November, exports experienced a sharp decline, and imports fell unexpectedly.

At a key political meeting this month, Beijing announced plans to boost domestic demand and increase fiscal spending through additional borrowing in 2024. The government is also preparing for potential trade shocks as former U.S. President Donald Trump, who has threatened to raise tariffs on Chinese goods, gears up for a second term.

Despite ongoing challenges, officials maintain an optimistic outlook. Han Wenxiu, Vice Chairman of the Central Committee for Financial and Economic Affairs, stated earlier this month that China’s economy is projected to grow by around 5% in 2024.