“两新”政策三大方面优化升级 首批625亿超长期特别国债已下达

Core Viewpoint - The 2026 policy for large-scale equipment updates and consumer goods trade-in aims to stimulate economic recovery through targeted subsidies and support measures [2][3][7]. Group 1: Policy Overview - The National Development and Reform Commission (NDRC) and the Ministry of Finance released a notification detailing the 2026 "Two New" policy, which includes 23 specific measures across five sections [2][6]. - The policy focuses on optimizing support scope, subsidy standards, and implementation mechanisms to enhance its effectiveness [2][7]. Group 2: Economic Impact - In 2025, the "Two New" policy significantly boosted consumption and investment, with equipment investment growing by 14% year-on-year, contributing 2 percentage points to overall investment growth [3]. - The trade-in program for consumer goods generated over 2.5 trillion yuan in sales, with over 1.12 million vehicles and 128 million home appliances traded in [3]. Group 3: Sectoral Growth - The manufacturing value added in general and smart consumer equipment sectors increased by 9.4% and 11.4% respectively, with over 80% of funding for equipment updates benefiting private enterprises [4]. - The recycling of waste electrical and electronic products saw a 70% year-on-year increase, indicating progress in resource recycling systems [4]. Group 4: Policy Adjustments - The 2026 policy expands support to include the installation of elevators in old residential areas and updates for equipment in elderly care institutions [7]. - New subsidy standards were introduced, including differentiated subsidies for old elevators based on the number of floors and prioritizing electric vehicles in trade-in programs [8]. Group 5: Implementation Mechanisms - The policy aims to simplify project application processes and enhance support for small and medium-sized enterprises, while also ensuring strict oversight to prevent fraud [9]. - A unified subsidy standard will be enforced nationwide for various categories of consumer goods, ensuring consistency in implementation [9].