强化财税金融支持 以旧换新政策加力可期

Core Viewpoint - The recent meetings by the State Council and the national conference on the promotion of the old-for-new consumption policy signal increased policy support for expanding consumption and stimulating demand in the market [1][3]. Policy Effects - The old-for-new policy has shown significant effects this year, with retail sales in various categories such as home appliances and communication equipment growing at rates of 28.7%, 13.8%, 20.6%, and 14.9% year-on-year in July, outpacing overall retail sales growth [1]. - The policy has also positively impacted the automotive sector, with new energy vehicle sales expected to grow by 81.7% from April 2024 to July 2025 [1]. - The Ministry of Finance has allocated 300 billion yuan in special long-term bonds to support the old-for-new consumption policy [1]. Funding and Support Measures - The Ministry of Finance has announced the distribution of 69 billion yuan in the third batch of special long-term bonds to support local governments in implementing the old-for-new policy [2]. - Various regions are enhancing subsidy measures, such as Heilongjiang increasing subsidies for electric vehicles and Chongqing allocating an additional 300 million yuan for vehicle replacement subsidies [2][3]. - Adjustments in subsidy distribution methods have been made to improve accessibility for consumers, such as changing from daily limited vouchers to centralized distribution [2]. Policy Optimization - Local governments are addressing supply-demand imbalances in subsidy vouchers and enhancing fund utilization efficiency [3]. - Adjustments to the old-for-new policy are being made based on the availability of national funding, with a focus on ensuring the effective release of consumer potential [3][4]. - The central government has reiterated its commitment to support the old-for-new policy, emphasizing its role in stabilizing investment and expanding consumption [3][4]. Future Expectations - There is an expectation for further expansion of the old-for-new policy into service consumption and public consumption sectors to maximize overall consumer potential [4]. - Analysts predict that the scale of funding for the old-for-new policy may be increased, with potential adjustments to the types of products eligible for subsidies [5]. - The Ministry of Finance is implementing a monitoring mechanism to ensure effective use of subsidy funds and prevent misuse [5].