China Advances "Two Priorities" Construction to Bolster Security and High-Quality Development

As a major strategic deployment crucial to national security and people’s well-being, China’s "Two Priorities" construction is advancing steadily, with substantial funding support and a clear implementation roadmap to underpin high-quality development and ensure a sound start to the 15th Five-Year Plan period.

This year’s Government Work Report specifies that 755 billion yuan of central budgetary investment and 800 billion yuan of ultra-long-term special government bonds will be allocated to the "Two Priorities" construction, with central investment subsidy standards improved by category.

Recently, the National Development and Reform Commission (NDRC) officially issued the first batch of project lists for this year’s "Two Priorities" construction, accompanied by 295 billion yuan of central budgetary investment. Among this, over 170 billion yuan of ultra-long-term special government bonds have been directly allocated to frontline projects, marking the start of major project construction throughout the year. All project lists for this year are expected to be fully issued by the end of June.

A number of key "Two Priorities" projects have made steady progress since the start of this year, including the upgrade and renovation of the EAST Tokamak device, the fourth-phase expansion of Shanghai Pudong International Airport, and the construction of the Huanghe Guxian Water Control Project, providing strong support for a good start to the 15th Five-Year Plan.

Since the full-scale launch of the "Two Priorities" construction in 2024, nearly 2 trillion yuan of ultra-long-term special government bonds have been arranged nationwide to support over 3,000 major projects, achieving phased progress and laying a solid foundation for Chinese-style modernization. In 2024, 700 billion yuan of such bonds supported 1,465 major projects, with an annual investment completion exceeding 1.2 trillion yuan. In 2025, 800 billion yuan was allocated, driving the start of 1,459 major projects and generating more physical workload.

While "hard investment" projects are implemented in an orderly manner, supporting "soft construction" including planning formulation, policy development and institutional innovation is advancing in parallel, with improved implementation plans and landmark projects planned to promote national major strategies and enhance security capabilities in key areas.

The accelerated progress of "Two Priorities" projects has driven rapid growth in infrastructure investment. Data shows that in the first two months of this year, national infrastructure investment increased by 11.4% year-on-year, 10.8 percentage points faster than the full year of 2025 and 9.6 percentage points higher than total investment, driving a 3.0 percentage point growth in total investment. Infrastructure private investment rose by 9% in the same period, boosting industrial upgrading and people’s well-being.

The first batch of project lists focuses on key areas such as independent technological innovation, future industries, urban underground pipe network renovation, ecological restoration of the Yangtze River Basin, and high-standard farmland construction. The NDRC will further leverage ultra-long-term loans and policy-based finance to attract more private capital and expand the impact of the "Two Priorities" construction.

In this opening year of the 15th Five-Year Plan, regions across China are accelerating "Two Priorities" projects, such as the upgraded construction of the Yangtze River Economic Belt High-Speed Railway and the start of water conservancy projects like the Yinda Jimin Project. Efforts will focus on strengthening project reserves, optimizing implementation, and promoting the effective implementation of "soft construction" measures to form a long-term mechanism for project construction and operation.