The National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of expanded policies for large-scale equipment updates and Consumer goods recycling in 2025. It mentions strengthening project fund supervision. Relevant departments should strengthen the full-chain oversight and guidance on the implementation of local projects and the use of funds according to their responsibilities. They should coordinate online monitoring and early warning systems with offline on-site inspections to resolutely prevent issues such as untimely fund allocations, slow usage, or misappropriation. Provincial-level people's governments are the primary responsible bodies for project and fund management and must strictly manage the funds from the super long-term special national bonds, carrying out daily scheduling and on-site supervision of equipment updating projects. They must strictly implement the centralized treasury payment system, maintain a bottom line for fund usage, and must not falsify expenditures, inflate costs, or substitute allocations, avoiding idle funds. For those failing to meet the above requirements or violating financial rules, funds must be recovered in a timely manner, and relevant personnel will be held accountable according to laws and regulations. (Securities Times)