“两新”政策持续释放扩内需效能

Core Insights - The focus of China's policy this year is to expand domestic demand, with the implementation of the third batch of consumer goods replacement policies aimed at stimulating consumer demand and driving sales growth in related products [1][2] - The "Two New" policies initiated in 2024 and expanded in 2025 have effectively unleashed domestic consumption potential and investment momentum, promoting a virtuous cycle of supply and demand, industrial upgrading, and green development [1][2] Policy Implementation Effects - The expansion of domestic demand has led to explosive growth in key consumption categories such as automobiles and home appliances, with sales in categories like home appliances and furniture achieving monthly year-on-year growth rates exceeding 20% [2] - The consumer goods replacement policy has stimulated over 2 trillion yuan in related product consumption since its implementation [2] - Equipment updates supported by long-term special government bonds have led to investments exceeding 1 trillion yuan, with approximately 8,400 projects initiated [2] Economic Circulation and Resource Utilization - The government has allocated long-term special bond funds to support high-level circular economy projects, promoting a "reverse invoicing" system to reduce tax burdens on recycling companies [3] - The establishment of over 14,000 new intelligent community recycling facilities has significantly increased the volume of scrapped vehicles and improved the recycling of old household appliances [3] Mechanism Innovation and Implementation Pathways - Various measures have been introduced to amplify the effects of the "Two New" policies, including the establishment of a project screening mechanism and financial support for equipment updates [4][5] - The introduction of the "reverse invoicing" system addresses tax deduction challenges for resource recovery companies, while local governments enhance policy coordination and financial support for consumer subsidies [5] Economic Recovery and Growth - The series of policies represented by the "Two New" initiatives have contributed to a sustained recovery in China's economy, enhancing the internal driving force and reliability of the national economic cycle [6] Unified Market and Efficiency Improvement - The establishment of a unified circulation standard system aims to optimize logistics and reduce costs for durable consumer goods and second-hand equipment [7] - The integration of data across departments and the application of artificial intelligence technologies are expected to streamline processes and enhance regulatory oversight [7] Resource Recycling and Service Enhancement - Efforts are being made to improve the entire process of product equipment recycling, disposal, trading, and reuse, promoting the development of a one-stop recycling service system [7]