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“国补”来了!第三批690亿元资金已下达
证券时报·2025-07-26 06:57

Core Viewpoint - The National Development and Reform Commission (NDRC) has allocated 69 billion yuan in special long-term bonds to support the "old for new" consumption policy, aiming to stimulate domestic demand and promote economic growth through the replacement of outdated consumer goods [1][2][3]. Group 1: Policy Implementation - The NDRC has issued a total of 690 billion yuan in special long-term bonds for the third batch this year to support the "old for new" consumption policy, with plans for a fourth batch of the same amount in October [2][3]. - As of July 16, 2025, 280 million people have claimed subsidies under the "old for new" policy, resulting in sales exceeding 1.6 trillion yuan [1][2]. - Retail sales of major household appliances and other consumer goods have seen significant year-on-year growth, with categories such as home appliances and audio-visual equipment increasing by 30.7% and 25.4%, respectively [1]. Group 2: Future Directions - The NDRC emphasizes the need for a coordinated approach to enhance the implementation of the "old for new" policy, focusing on key areas and ensuring the effective use of funds [3][4]. - There is a commitment to improve the policy implementation mechanism, including product quality and price supervision, to prevent fraudulent activities [2][3]. - The NDRC plans to leverage technology and financial tools to stimulate market activity, particularly through loan interest subsidies for equipment updates [4]. Group 3: Economic Impact - The "old for new" policy is viewed as a crucial measure to address complex domestic and international challenges, aiming to expand domestic demand and accelerate the green transformation of the economy [3]. - The policy is expected to create more tangible outcomes by expediting project construction and fund disbursement, thereby enhancing the overall effectiveness of the initiative [3].