Core Viewpoint - The meeting chaired by Premier Li Qiang emphasized the importance of large-scale equipment updates and the "old-for-new" consumption policy in stabilizing investment, expanding consumption, promoting transformation, and improving people's livelihoods. It also highlighted the need for stronger policy support and coordination to enhance domestic demand [2][4]. Group 1: Implementation of "Two New" Policies - The meeting reviewed the implementation of the "Two New" policies, noting significant achievements in stabilizing investment and expanding consumption. It called for a thorough evaluation of the policy's effectiveness and emphasized the need to combat fraudulent subsidy claims [2][4]. - Recent audits in regions like Beijing, Hunan, and Hainan revealed instances of "price hikes before subsidies" and bundled sales, indicating fraudulent activities related to the "old-for-new" policy [4][5]. - The National Development and Reform Commission announced that the third batch of 69 billion yuan in special bonds for the "old-for-new" policy has been allocated, with plans to distribute another 69 billion yuan in October, aiming to meet the annual target of 300 billion yuan [4]. Group 2: Strengthening Financial and Tax Policies - The meeting stressed the need for enhanced financial and tax policy support to optimize the consumption and investment environment, aiming to unleash domestic demand potential [7]. - Recent initiatives include personal consumption loan interest subsidies and service industry loan interest subsidies, which are designed to complement existing "old-for-new" subsidies, providing consumers with more benefits [7]. - The chief economist of Caixin Securities suggested focusing on developing the service consumption sector to address structural unemployment and improve social welfare [7]. Group 3: Promoting Sports Consumption - The meeting discussed strategies to unlock the potential of sports consumption and advance the high-quality development of the sports industry, including increasing the supply of sports products and enhancing sports events [9]. - It emphasized the importance of stimulating sports consumption demand and expanding consumption scenarios, encouraging local governments to host sports consumption activities [9]. - The deputy director of the Xi Jinping Economic Thought Research Center highlighted the growing importance of service consumption, indicating that future consumer needs will increasingly focus on services, including sports-related consumption [9].

Core Viewpoint - The meeting chaired by Premier Li Qiang emphasized the importance of the "Two New" policies (large-scale equipment updates and consumer goods replacement) in stabilizing investment, expanding consumption, promoting transformation, and improving people's livelihoods, while also addressing the need to combat fraudulent subsidy claims [1][3]. Group 1: Implementation of "Two New" Policies - The "Two New" policies have shown significant results in stabilizing investment and expanding consumption, necessitating a thorough evaluation and enhancement of implementation mechanisms [1]. - There have been reports of fraudulent activities such as "price hikes before subsidies" and bundled sales in various regions, highlighting the need for strict enforcement against such practices [3][4]. - The National Development and Reform Commission has allocated 690 billion yuan for the third batch of special bonds to support the consumer goods replacement policy, with plans for a fourth batch in October, aiming to complete an annual target of 3000 billion yuan [3]. Group 2: Financial and Policy Support - The meeting called for strengthened financial and fiscal support to optimize the consumption and investment environment, aiming to unleash domestic demand potential [6]. - Recent policies include personal consumption loan interest subsidies and service industry loan subsidies, which are designed to work in conjunction with existing consumer goods replacement subsidies [6]. - The development of the service sector is seen as crucial for addressing structural unemployment and enhancing social welfare, thereby increasing consumer demand [6]. Group 3: Sports Industry Development - The meeting discussed strategies to unlock the potential of sports consumption and promote high-quality development in the sports industry, including increasing the supply of sports products and enhancing event offerings [8][9]. - There is a focus on stimulating sports consumption demand and expanding consumption scenarios, encouraging local initiatives to host sports consumption activities [9]. - The rapid growth of emerging consumption trends indicates a shift towards service consumption as a primary driver of consumer growth, with significant opportunities in the integration of cultural, sports, and tourism sectors [9].

Core Viewpoint - The meeting emphasized the importance of large-scale equipment updates and the old-for-new consumption policy in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods [2][3]. Group 1: Large-scale Equipment Updates and Consumption Policies - The large-scale equipment update and old-for-new consumption policies have shown significant results in stabilizing investment and expanding consumption [2]. - There is a need for a thorough evaluation of the policy implementation, enhancing coordination, and improving the implementation mechanism to better stimulate domestic demand [2]. - Strict measures will be taken to combat fraudulent subsidy claims, ensuring that subsidy funds are effectively utilized [2]. Group 2: Development of the Sports Industry - The development of the sports industry and sports consumption is a crucial part of the strategy to expand domestic demand [3]. - There is a focus on increasing the supply of sports products, enriching sports events, and upgrading sports goods to support the growth of the sports industry [3]. - Efforts will be made to stimulate sports consumption demand and encourage local sports consumption activities to meet the upgrading needs of consumers [3]. Group 3: "Three Norths" Project - The "Three Norths" project is a significant national strategy related to ecological security and sustainable development [3]. - The project aims to enhance ecological protection and promote the integrated management of natural resources [3]. - There is an emphasis on establishing a long-term management mechanism and encouraging various stakeholders to contribute to the project's ongoing success [3]. Group 4: Marine Fishing Safety - The safety of marine fishing vessels is crucial for the interests of fishermen, shipowners, and crew members [4]. - The meeting highlighted the need to combine marine fishing safety inspections with the promotion of high-quality development in the fishing industry [4]. - There will be a focus on upgrading old fishing vessels and improving safety awareness among fishermen [4].

Group 1 - The large-scale equipment update and consumer product replacement policy has achieved significant results in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods [2] - The development of the sports industry and sports consumption is an important part of the strategy to expand domestic demand, with a focus on increasing the supply of sports products and enriching sports events [3] - The "Three Norths" project is a major national strategy related to ecological security and sustainable development, emphasizing the need for integrated protection and systematic governance of natural resources [3][4] Group 2 - The meeting highlighted the importance of enhancing fiscal, land, and other support policies to encourage local development of characteristic industries, achieving ecological, economic, and social benefits [4] - The safety of marine fishing vessels is crucial for the interests of fishermen and shipowners, with a focus on improving safety management and utilizing technology for comprehensive safety regulation [4]

人民财讯8月22日电，李强主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策 情况汇报。 ...

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（文章来源：央视网） 李强主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情况汇报。 ...

Group 1 - The Jiangsu Provincial Audit Office has launched a large-scale audit investigation to track the implementation of equipment renewal and consumer goods replacement policies, aiming to enhance market vitality [1] - The audit focuses on four key areas: the organization of "two new" policy measures, management of large-scale equipment renewal projects, implementation of consumer goods replacement actions, and the allocation and management of "two new" funds [1] - The investigation will assess the scientific nature of policy measures, completion of target tasks, effectiveness of policy implementation, and the efficiency of policy support measures [1] Group 2 - The audit will examine the authenticity of application materials, the standardization of project reviews, and the consistency between project construction and approvals for equipment renewal projects [1] - It will also evaluate the convenience of subsidy procedures, timeliness of subsidy fund disbursement, and authenticity of subsidy recipients in the consumer goods replacement policy, particularly in sectors like automobiles and home appliances [1] - The audit will focus on the rationality of fund allocation methods, timeliness of fund disbursement, and compliance in the use of funds related to ultra-long-term special government bonds [1]

Core Insights - The large-scale equipment upgrade and consumer product trade-in policies have shown positive effects over the past year, promoting transformation, boosting consumer demand, and facilitating economic circulation [2][7]. Group 1: Industry Transformation and Upgrading - From April 2024 to July 2025, the amount spent by enterprises on machinery and equipment increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [3]. - The policies have effectively transformed tax incentives into new momentum for industrial upgrading, enhancing production efficiency and product quality [3][4]. - The data indicates that equipment updates are not merely about replacing machines but signify a systematic upgrade across the entire industrial chain [3]. Group 2: Consumer Demand and Market Dynamics - The trade-in policy has significantly reshaped consumer expectations, with sales of household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [5]. - The sales of service robots surged by 51.1%, indicating a strong demand for advanced consumer products [5]. - The policy has lowered the cost of purchasing new products for consumers, thus meeting their demand for high-quality and feature-rich products [5][6]. Group 3: Economic Circulation and Resource Optimization - The "Two New" policies have created a virtuous cycle, with retail demand growth positively impacting supply, leading to a 5.8% year-on-year increase in manufacturing sales revenue [7]. - The interaction between equipment upgrades and consumer demand has optimized resource allocation and improved economic efficiency [7]. - The policies are seen as a strategic lever to address the dual challenges of insufficient effective demand and supply structure imbalance [8].

Core Insights - The latest tax data from the National Taxation Administration indicates significant growth in various sectors due to the implementation of the "Two New" policy [1][2] Group 1: Equipment and Consumer Goods - Corporate procurement of machinery and equipment increased by 7.3% year-on-year from April 2024 to July 2025 [1][2] - Sales of daily household appliances rose by 44.5% year-on-year, while audiovisual equipment sales increased by 22.8% during the same period [1][2] Group 2: New Energy Vehicles - Sales of new energy vehicles experienced a remarkable growth of 81.7% year-on-year from April 2024 to July 2025 [1][2] Group 3: Policy Impact - The "Two New" policy has fostered a positive interaction characterized by "policy-driven demand release and industrial upgrading" over the past year [2]