In a recent announcement, the Ministry of Housing and Urban-Rural Development revealed that the renovation and upgrading of aging residential elevators will be supported by ultra-long-term special government bond funding. According to the "Several Measures on Strengthening Support for Large-Scale Equipment Renewal and Consumer Goods Replacement," the government aims to prioritize elevators with extended usage, low configurations, high failure rates, and significant safety concerns. Based on hazard inspections and safety risk assessments, these elevators will be targeted for renovation. The initiative is set to support the modernization of over 40,000 residential elevators over 15 years old, ensuring enhanced safety and reliability.