国家发改委：2026年持续放大“两新”政策效能

Core Viewpoint - The implementation of the "Two New" policy is a significant decision by the central government aimed at promoting high-quality development, expanding domestic demand, and enhancing macroeconomic counter-cyclical adjustments, with notable effects observed since its launch in 2024 [1][2]. Investment Growth - In 2025, over 8,400 equipment update projects will be supported by special long-term government bonds, driving total investment exceeding 1 trillion yuan, which will support a year-on-year increase of 11.8% in equipment and tool purchases, contributing 1.8 percentage points to overall investment growth [1][2]. Consumer Activity - More than 360 million people are expected to apply for subsidies under the "old for new" consumer goods program in 2025, leading to related sales exceeding 2.6 trillion yuan and directly boosting retail sales of consumer goods by 0.6 percentage points [2]. Green Transition - The "Two New" policy has accelerated the establishment of recycling systems, with over 29,000 new smart community recycling facilities added nationwide. Energy-saving and carbon reduction standards have been steadily improved, with 294 national standards related to energy consumption and emissions published. The promotion of green low-carbon products has led to nearly 60% of purchased vehicles being new energy vehicles, and over 90% of major appliances meeting first-level energy and water efficiency standards. Cumulatively, the policy has resulted in energy savings of over 69 million tons of standard coal and a reduction of over 170 million tons of carbon emissions [2][3]. Policy Optimization for 2026 - The 2026 "Two New" policy arrangements have been released, optimizing support scope, subsidy standards, and implementation mechanisms. The first batch of 62.5 billion yuan in special long-term government bonds for the "old for new" consumer goods program has been allocated, ensuring a smooth transition and orderly implementation of the policy [2][3]. Equipment Update Measures - To enhance the effectiveness of equipment updates, the policy will lower investment thresholds for project applications, strengthen project condition specifications and review standards, and improve management responsibilities through enhanced supervision and daily monitoring [3]. Consumer Goods Measures - For the "old for new" consumer goods program, the policy will optimize fund allocation based on consumption potential and execution status, implement unified subsidy standards nationwide, and ensure balanced fund usage while combating illegal activities related to subsidy claims [3].