从消费端到供给端 政策“组合拳”精准发力

Core Viewpoint - The current economic situation in China is characterized by strong supply but weak demand, prompting the National Development and Reform Commission (NDRC) and the Ministry of Finance to emphasize the need for macroeconomic policies that strengthen domestic circulation and expand domestic demand [1][3][4]. Group 1: Domestic Demand Expansion Strategy - The NDRC plans to formulate a five-year strategy for expanding domestic demand from 2026 to 2030, focusing on creating new demand through innovative supply [1][3][4]. - The strategy aims to achieve a dynamic balance between supply and demand, promoting an economic model driven by domestic demand and consumption [3][4]. Group 2: Fiscal Policy and Support Measures - The Ministry of Finance will maintain necessary levels of fiscal deficit, debt, and expenditure, ensuring that overall spending increases, particularly in key areas such as consumption and social welfare [1][5]. - A total of 1.3 trillion yuan (approximately 1.9 billion USD) in long-term special bonds will be issued to support consumption, with 300 billion yuan allocated specifically for the "old-for-new" consumption subsidy program [5]. Group 3: Consumer Incentives and Support - The "old-for-new" policy has significantly boosted consumption, with expectations that it will drive sales of related goods by over 2.6 trillion yuan (approximately 3.7 billion USD) [5]. - The NDRC will implement personal consumption loan interest subsidy policies, extending the implementation period to the end of 2026, and expanding the support scope to include credit card installment payments [10]. Group 4: Support for Small and Medium Enterprises (SMEs) - A new loan interest subsidy policy for SMEs will provide a 1.5% annual subsidy on fixed asset loans, with a cap of 50 million yuan (approximately 7 million USD) per enterprise [18][19]. - The policy targets key industries such as new energy vehicles, advanced manufacturing, and production services, aiming to stimulate investment and support industrial upgrades [19][20]. Group 5: Regulatory and Market Improvements - The NDRC will work on eliminating unreasonable restrictions in the consumption sector and establishing management methods for new consumption formats and scenarios [12][14]. - Efforts will be made to enhance the efficiency of fund usage and support for SMEs, including lowering investment thresholds and improving project approval processes [16][21].