China will expand policies to encourage large-scale equipment upgrades and consumer goods trade-ins to better leverage the potential of domestic demand, according to a State Council executive meeting on Friday.

China will create overall provisions for ultra-long special treasury bonds for this purpose, said the meeting chaired by Premier Li Qiang.

It stressed efforts to optimize support measures for equipment upgrade projects and broaden the support scope to include the energy and power sectors and old elevator upgrading, as well as energy-saving, carbon reduction and safety upgrades in key industries.

China will provide further support for the scrapping and upgrading of old operating ships and old operating trucks, increase the subsidy standards for the renewal of agricultural machinery and new energy buses, and increase the subsidy ratio for equipment upgrade loans, according to the meeting.

The meeting stressed implementing the guiding principles from the third plenary session of the 20th Communist Party of China Central Committee with concrete actions.

In addition, the meeting reviewed and adopted draft regulations governing affairs of ex-servicemen including employment, housing, social security, and vocational training.