Core Viewpoint - The Guangxi Commerce Department announced a temporary suspension of the "old for new" subsidy program for consumer goods starting June 20, 2025, affecting various categories including automobiles and home appliances, despite the overall success of the program since its implementation in 2024 [1][2]. Group 1: Policy Changes - The suspension will affect the subsidy activities for automobile replacement, home appliance upgrades, 3C digital products, electric bicycles, and home renovation subsidies [1]. - The "old for new" subsidy program will continue throughout the year, with the specific resumption date to be announced later [2]. Group 2: Program Impact - Since the implementation of the "old for new" policy, Guangxi has conducted over 6,000 related events, with more than 5 million consumers participating and receiving nearly 65 billion yuan in subsidies [2][3]. - The program has led to significant sales increases, with home appliance sales reaching 3.226 million units and 100,000 units for 3C digital products, alongside 250,000 vehicles sold under the "old for new" scheme, of which 76.4% were new energy vehicles [3]. Group 3: National Context - The national "old for new" policy, which began in 2024, covers various consumer goods and has expanded to include consumer electronics in 2025, offering subsidies of 15% of the product price for eligible items [3]. - As of May 31, 2025, the program has generated a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies distributed to consumers [4].

Core Viewpoint - The consumer market in China is showing stable growth, with significant increases in retail sales and specific categories driven by policies and consumer behavior [1] Group 1: Overall Retail Performance - From January to May, the total retail sales of consumer goods reached 20.32 trillion yuan, with a year-on-year growth of 5.0% [1] - In May, the total retail sales amounted to 4.13 trillion yuan, marking a year-on-year increase of 6.4%, the fastest monthly growth rate in 2024 [1] Group 2: Category-Specific Growth - Retail sales of household appliances and mobile phones have surged, with retail sales of major categories such as home appliances, communication equipment, cultural and office supplies, and furniture increasing by 53.0%, 33.0%, 30.5%, and 25.6% respectively [1] - The retail volume of passenger cars in May saw a year-on-year increase of 13.3% [1] - Sales of upgraded products are also on the rise, with retail sales of sports and entertainment goods and gold and silver jewelry increasing by 28.3% and 21.8% respectively [1]

Core Insights - In May, China's retail sales of goods increased by 6.5% year-on-year, accelerating by 1.4 percentage points compared to the previous month [1] - Retail sales of goods in above-designated size enterprises grew by 8.2%, with an acceleration of 1.6 percentage points from the previous month [1] Group 1: Consumer Trends - The policy of replacing old consumer goods with new ones has shown a significant impact, with retail sales of home appliances, communication equipment, cultural and office supplies, and furniture increasing by 53.0%, 33.0%, 30.5%, and 25.6% year-on-year, respectively [1] - The retail volume of passenger cars in May saw a year-on-year increase of 13.3% according to data from the Automobile Circulation Association [1] Group 2: Upgraded Product Sales - Sales of upgraded consumer goods have experienced rapid growth, with retail sales of sports and entertainment products and gold and silver jewelry increasing by 28.3% and 21.8% year-on-year, respectively [1]

Core Viewpoint - The article discusses the ongoing consumer enthusiasm for the "National Subsidy" (国补) program for replacing old products with new ones, despite some temporary issues in certain regions regarding subsidy claims. It emphasizes that the program is still active and beneficial for consumers across most provinces [1][3]. Group 1: National Subsidy Program Status - Discussions on the temporary unavailability of "National Subsidy" in regions like Chongqing, Jiangsu, and Hubei have gained attention on social media [2]. - Official responses from local departments confirm that the "National Subsidy" program has not been canceled, and it continues to operate with certain limitations [3]. - The program is designed to stimulate consumer spending and has shown strong demand, indicating its effectiveness in boosting market activity [4]. Group 2: Funding and Implementation - The total funding for the "National Subsidy" program has increased to 3000 billion yuan this year, doubling from the previous year's 1500 billion yuan [4][5]. - The distribution of these funds is based on various factors, including population, GDP, and previous subsidy execution, ensuring that effective regions receive more support [5]. - Local governments are also expected to contribute additional funds to sustain the program, which is set to continue benefiting consumers throughout the year [5][6]. Group 3: Impact on Consumer Behavior - The "National Subsidy" program has significantly boosted sales in various categories, with notable figures such as 3.358 million units sold in Hubei, generating a total sales amount of 41.483 billion yuan [7]. - As of May 31, the program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued directly to consumers [7]. - The policy not only enhances sales but also promotes structural upgrades in consumer goods and related industries [7].

据新华社报道，"618"期间，线上线下促销活动持续多日，消费者对于以旧换新的热情不减。 然而，社交媒体也出现一些关于部分地区暂时无法申领"国补"的讨论。针对相关热点话题，记 者在多地进行了采访。 5月底以来，关于重庆、江苏、湖北等地"国补"暂时无法领取的讨论，在社交媒体上引发关 注。 记者查阅云闪付App重庆消费品以旧换新页面，一则公告提及绿色智能家电、家装厨卫"焕 新"27个小类补贴资金已使用完毕。 近日在登录淘宝的国补专区时，记者也看到，江苏省的页面曾出现"江苏国补活动升级中，升 级期间您将无法领取"的提示。京东国补专区湖北省的页面也曾出现"湖北智能家居国补活动升 级中"等提醒。 正是基于这些表述，部分网友开始猜测，一些地方"国补"是否就此停止？ 通过采访多地相关负责部门和相关负责人，记者了解到，所谓取消"国补"的情况 是不存在的。 记者联系江苏省商务厅市场运行和消费促进处获悉，江苏消费品以旧换新政策并未暂停。江苏 此前发布的相关通知明确了"消费品以旧换新资金实行限额管理、资格调控"的规定，即"国 补"实行限额管理。 重庆市商务委5月下旬在其官网"公开信箱"栏目里回复表示，全市加力扩围实施消费品以旧换 新 ...

Core Viewpoint - The "National Subsidy" program for replacing old consumer goods is ongoing, with a total of 3,000 billion yuan allocated for 2023, aimed at stimulating consumer spending and supporting economic growth [6][8]. Group 1: National Subsidy Program Overview - The program has seen a significant increase in funding, with the special long-term bonds for subsidies rising from 1,500 billion yuan last year to 3,000 billion yuan this year [5]. - The distribution of the 3,000 billion yuan will be based on various factors, including local population, GDP, and previous performance in implementing the subsidy program [5][6]. - As of May 31, 2025, the program has generated a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [7]. Group 2: Regional Implementation and Consumer Response - There have been discussions on social media regarding temporary unavailability of subsidies in regions like Chongqing, Jiangsu, and Hubei, but officials confirmed that the program is not being canceled [2][3]. - Local authorities are actively managing the subsidy distribution, with some regions implementing limits on the issuance of subsidy vouchers to ensure sustainability [3][5]. - In Hubei, as of June 11, 2023, the total sales volume of replaced products reached 33.58 million units, generating a total sales amount of 41.483 billion yuan [6]. Group 3: Economic Impact and Future Outlook - The program is seen as a crucial policy for promoting consumption and expanding domestic demand, with experts noting its positive effects on consumer behavior and market vitality [6][8]. - The ongoing funding and optimization of the program are expected to continue benefiting consumers and driving sales in related industries [8].

Core Viewpoint - The article discusses the suspension of various consumer goods replacement subsidy programs in several regions of China due to rapid depletion of allocated funds, highlighting the impact on consumer spending and local fiscal challenges [1][2][3]. Group 1: Suspension of Subsidy Programs - The Guangxi Zhuang Autonomous Region announced the suspension of multiple consumer goods replacement subsidy activities effective June 20, 2025, including automobile trade-ins and home appliance upgrades [1]. - Other regions, such as Xinjiang, Chongqing, Hubei, and Jiangsu, have also suspended similar subsidy programs, indicating a broader trend across the country [2]. Group 2: Funding Issues - The rapid consumption of subsidy funds has led to the suspension of these programs, with local officials citing the quick depletion of allocated budgets as a primary reason [3]. - The central government allocated a total of 300 billion yuan for local matching funds, with 1.62 trillion yuan already distributed in two batches, leaving 1.38 trillion yuan to be allocated in the third and fourth quarters [3][4]. Group 3: Economic Impact - The early launch of subsidy programs and increased consumer enthusiasm during holiday promotions have resulted in a significant uptick in sales for related goods, with retail sales in certain categories showing substantial year-on-year growth [5]. - In May, retail sales of home appliances and communication devices increased by 53% and 33% respectively, contributing to a 1.9 percentage point increase in total social retail sales [5].

后续还有1380亿元中央资金将分批有序下达，"国补"将继续惠及广大消费者 "618"期间，线上线下促销活动持续多日，消费者对于以旧换新的热情不减。然而，社交媒体 也出现一些关于部分地区暂时无法申领"国补"的讨论。针对相关热点话题，记者在多地进行了 采访。 5月底以来，关于重庆、江苏、湖北等地"国补"暂时无法领取的讨论，在社交媒体上引发关 注。 记者查阅云闪付App重庆消费品以旧换新页面，一则公告提及绿色智能家电、家装厨卫"焕 新"27个小类补贴资金已使用完毕。 近日在登录淘宝的国补专区时，记者也看到，江苏省的页面曾出现"江苏国补活动升级中，升 级期间您将无法领取"的提示。京东国补专区湖北省的页面也曾出现"湖北智能家居国补活动升 级中"等提醒。 正是基于这些表述，部分网友开始猜测，一些地方"国补"是否就此停止？ 记者通过调研发现，在国家确定补贴规则"大框架"的基础上，各地拥有一定的自主权，可以确 定国补落地的"小细节"，如具体如何申领使用补贴等。 中国社科院财经战略研究院财政研究室主任、研究员何代欣认为，少数地区政策实施进度较 快，跟当地消费结构和消费者积极性有关。"这也说明市场对'国补'的需求旺盛，政策激发了 ...

昨天，发生了哪些财经大事？ 美联储凌晨重磅， 鲍威尔发声 当地时间6月18日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示， 美联储决定将联邦基金利率目标区间维持在4.25%至4.50%之间不变。这是美联储货币政 策会议连续第四次决定维持利率不变 。 美联储官员预计未来几个月美国通胀情况将恶化，但 仍预计在2025年年底前将降息两次， 与3月份的预测一致 。美联储预计，相比于3月份的预测，到2025年年底美国经济增长将明 显放缓，通胀将上升，失业率将略有上升。美联储官员预计，美国通胀率到2025年年底将 升至3%，失业率将升至4.5%，经济增长率将放缓至1.4%。 美联储主席鲍威尔当日警告 称，不要过分相信美联储的利率预测，因为预测可能会根据公布的数据而发生变化，尤其是 通胀数据 。鲍威尔在美联储政策会议后的新闻发布会上表示，没有人对这些利率预测抱有 绝对的信心，这些都将取决于数据。 美股三大指数收盘涨跌不一，纳指涨0.13%，标普500指数跌0.03%，道指跌0.1% ； Circle大涨近34%，创IPO以来最大单日涨幅，股价逼近200美元，再创新高；大型科技股 涨多跌少，英特尔涨超3% ...

Core Viewpoint - The "National Subsidy" program for replacing old consumer goods is facing temporary disruptions in certain regions, but it is not being canceled. The program continues to be an important policy for stimulating consumption and economic activity across China [1][2][3]. Group 1: National Subsidy Program Status - Discussions on the temporary unavailability of "National Subsidy" in regions like Chongqing, Jiangsu, and Hubei have gained attention on social media, but officials confirm that the program is still active [1][2]. - Jiangsu's subsidy policy is not paused; it operates under a limit management system for funding [1][2]. - Hubei's subsidy program is set to continue through the end of 2025, with daily limits on the issuance of qualification vouchers for certain products [2][3]. Group 2: Funding and Implementation - The total funding for the "National Subsidy" program has increased from 150 billion yuan last year to 300 billion yuan this year, with funds allocated based on various regional factors [3][4]. - As of May 31, 2023, the program has generated a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [5][6]. Group 3: Market Impact and Consumer Behavior - The program has significantly boosted sales in related consumer goods, with notable sales figures reported in Hubei and Liaoning, indicating a positive impact on consumer behavior and market dynamics [5][6]. - Experts suggest that the program not only enhances sales but also promotes structural upgrades in consumer goods and transformation in related industries [6].