Core Viewpoint - The "old-for-new" policy for consumer goods is not a standalone initiative but is accompanied by a series of measures such as easing access, reducing restrictions, and optimizing regulations, which collectively enhance its effectiveness and stimulate economic growth [1][5]. Group 1: Policy Impact on Consumer Behavior - As of May 31, the number of applications for the automobile "old-for-new" subsidy reached 4.12 million, indicating a robust response from consumers [1]. - In April, the domestic retail penetration rate of new energy passenger vehicles reached 51.5%, an increase of over 7 percentage points compared to the same period last year [1]. - The policy has led to a significant increase in the sales of high-end digital products, with 76% of new purchases falling within the price range of 2000 to 6000 yuan [2]. Group 2: Economic and Market Dynamics - The "old-for-new" initiative has created a market space worth trillions of yuan, as the total number of automobiles exceeds 300 million and major household appliances exceed 3 billion units [1]. - The sales of household appliances and audio-visual equipment increased by 38.8% year-on-year in April, leading all categories of consumer goods [4]. - The total subsidies distributed to consumers in the first five months of this year amounted to approximately 1.75 billion, driving related sales to 1.1 trillion yuan [4]. Group 3: Policy Expansion and Support - In 2024, the policy will expand to include additional categories of household appliances and digital products, with subsidies for new energy vehicle replacements increased to a maximum of 15,000 yuan [3]. - The funding support for the "old-for-new" initiative has reached 300 billion yuan, doubling from the previous year, with over 160 billion yuan already allocated by the end of April [3]. - The policy's flexibility and adaptability are evident as local governments enhance subsidy standards and optimize participation details to maximize consumer benefits [3]. Group 4: Long-term Economic Outlook - International investment banks have raised their growth forecasts for China's economy in 2025, attributing part of this optimism to the positive effects of the "old-for-new" policy on consumption and domestic demand [5].
以旧换新换出增长新动能
Jing Ji Ri Bao·2025-06-05 22:06