690亿元国补，已下达！

Core Viewpoint - The article highlights the implementation and positive outcomes of the "old for new" consumption policy in China, which has significantly boosted retail sales and consumer participation since its inception in 2025 [1][2]. Group 1: Policy Implementation and Impact - As of July 16, 2025, 280 million people have applied for the "old for new" consumption subsidies, leading to sales exceeding 1.6 trillion yuan [1]. - Retail sales of home appliances and audio-visual equipment, cultural office supplies, communication equipment, and furniture have seen year-on-year growth rates of 30.7%, 25.4%, 24.1%, and 22.9% respectively in the first half of the year [1]. - The retail volume of passenger cars increased by 10.8%, contributing to a 5% year-on-year growth in total retail sales of consumer goods [1]. Group 2: Financial Support and Coordination - The National Development and Reform Commission (NDRC) and the Ministry of Finance have allocated a third batch of 69 billion yuan in special long-term bonds to support the "old for new" policy [1]. - An additional 69 billion yuan in special long-term bonds is planned for release in October to further support local implementation of the policy [2]. Group 3: Mechanism Improvement and Oversight - The NDRC, in collaboration with the Ministry of Finance and the Ministry of Commerce, is working to ensure balanced and effective use of funds across regions and sectors [2]. - Continuous improvement of policy implementation mechanisms is emphasized, including product quality and price monitoring to prevent fraudulent practices [2].