In July 2024, the National Development and Reform Commission and the Ministry of Finance clarified that 150 billion yuan of ultra-long-term special national bonds would focus on supporting the renovation of old elevators. The support scope prioritizes residential elevators used for more than 15 years and registered before 2009, covering elevators used for more than 20 years and registered before 2004 as well as elevators in public institutions and public places. Funds are jointly borne by national bonds, local finance and residents' self-financing; subsidies are stronger in eastern China, e.g. Hangzhou grants 60,000-150,000 yuan per unit for renovation with an additional 20,000 yuan at the municipal level, achieving zero resident investment. The policy simplifies approval and encourages government-social capital cooperation models.