（经济观察）政策靠前发力 中国拿出“真金白银”

Group 1 - The core focus of China's economic policy for 2026 is to expand domestic demand, with a significant emphasis on optimizing the implementation of the "Two New" policies, which include large-scale equipment updates and the replacement of old consumer goods [1] - The National Development and Reform Commission (NDRC) has issued a notice to support the "Two New" policies, with a total of 62.5 billion yuan allocated for the first batch of ultra-long-term special bonds to support the replacement of consumer goods [1][2] - The 2026 "Two New" policy is characterized by more precise targeting and enhanced effectiveness compared to 2025, focusing on a broader range of products for subsidies, particularly in the home appliance sector [2] Group 2 - Investment stabilization is another key aspect of expanding domestic demand, with approximately 295 billion yuan allocated for major construction projects, including infrastructure and energy facilities, to be expedited [2] - The National Venture Capital Guidance Fund has been officially launched, with 100 billion yuan sourced from ultra-long-term special bonds, aiming to attract local and social capital for a projected investment scale exceeding 1 trillion yuan [2][3] - The new version of the "Encouragement Directory" for foreign investment includes 1,679 entries, an increase of 205 from the previous version, promoting foreign investment in advanced manufacturing, modern services, and high-tech sectors [3]