（经济观察）中国优化实施“两新”政策 呈现三大方向

Core Viewpoint - The Chinese government has announced a systematic deployment of the "Two New" policy for 2026, focusing on large-scale equipment upgrades and consumer goods exchange programs, with three main optimization directions identified. Group 1: Precision in Support Scope - The 2026 policy will expand and focus the support scope, including the addition of old community elevator installations, elderly care institutions, fire rescue facilities, inspection and testing, and offline commercial facilities to the equipment upgrade support category [2] - In the consumer goods exchange program, subsidies will continue for mobile phones, tablets, and smartwatches, with the addition of smart glasses, aligning with trends in consumption upgrades and promoting high-end, intelligent, and green products [2] - The focus for home appliance exchanges will be on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, enhancing the effectiveness of fund allocation and broadening the coverage of supported demographics [2] Group 2: Scientific Adjustment of Subsidy Standards - Home appliance subsidies will shift from a universal approach to one that emphasizes green energy efficiency, with support limited to products meeting level 1 energy or water efficiency standards, providing 15% of the product's sales price as a subsidy, capped at 1,500 yuan per item [3] - The automotive exchange program will change from fixed subsidies to a percentage of the vehicle price, with a maximum of 20,000 yuan for scrapping and 15,000 yuan for replacement, aiming to stabilize total updates and improve the structure of subsidized vehicle models [3] Group 3: Enhanced Implementation Mechanism - The notification establishes a unified subsidy standard for automotive scrapping, replacement, and six categories of home appliances and four categories of digital and smart products across the country [4] - Measures will be taken to address fraudulent subsidy claims and ensure compliance, preventing regional disparities in subsidies and promoting the free flow of goods and factors nationwide [4] - The 2026 "Two New" policy emphasizes precise resource allocation over mere scale, aiming for improved quality and efficiency, which is expected to stimulate effective investment and consumer demand [4]