政策落地显效 发展动力增强（锐财经）

Group 1: "Two Major" Construction Projects - The "Two Major" construction projects focus on strategic implementation and key area safety capability enhancement, targeting technology self-reliance, urban-rural integration, regional coordination, high-quality population development, food security, energy resource security, and ecological safety [2][3] - In 2024, the National Development and Reform Commission (NDRC) has allocated over 700 billion yuan in special long-term bonds for major projects, with nearly 500 billion yuan planned for 2025, supporting infrastructure along the Yangtze River, urban underground networks, and other significant projects [2] - Aiming for high-quality implementation, the NDRC plans to finalize the list of "Two Major" construction projects by the end of June, emphasizing both "hard investment" and "soft construction" to enhance project efficiency [3] Group 2: "Two New" Policies - The "Two New" policies involve large-scale equipment updates and consumer product exchanges, with the NDRC leveraging special long-term bond funds to accelerate these initiatives, which are crucial for boosting consumption, stabilizing investment, and improving livelihoods [4] - In April, retail sales of major household appliances and cultural products saw significant year-on-year growth, contributing to a 1.4 percentage point increase in total social retail sales [4] - Investment in equipment and tools rose by 18.2% year-on-year from January to April, with related manufacturing sectors also experiencing substantial growth [4][5] Group 3: Economic Performance and Outlook - Despite a complex external environment, China's economy shows stable growth, with retail sales reaching 16.2 trillion yuan in the first four months, a 4.7% year-on-year increase [6][7] - Manufacturing investment grew by 8.8%, and exports of lithium batteries and electric vehicles surged by 44.4% and 25.7%, respectively [7] - The NDRC is committed to implementing policies to stabilize employment and promote high-quality development, with most measures expected to be in place by the end of June [8]