Group 1 - The National Development and Reform Commission (NDRC) will allocate the third batch of funds for the consumption upgrade policy in July, emphasizing the principles of "timeliness" and "balance" in fund usage [1] - A total of 300 billion yuan in special long-term bonds will support the consumption upgrade policy, with 162 billion yuan already distributed in the first two batches [1] - Sales of related products in the consumption upgrade sector, including home appliances and furniture, have exceeded 1.4 trillion yuan this year [1] Group 2 - The first batch of approximately 173 billion yuan for equipment updates has been allocated to about 7,500 projects across 16 sectors, with the second batch undergoing project review [2] - The NDRC plans to enhance project management and accelerate construction while implementing loan interest subsidies to reduce financing costs for equipment updates [2] - A new action plan aims to increase the labor remuneration ratio in the "work-for-relief" projects from over 30% to 40%, thereby boosting income for the workforce [2]

2025.06. 26 本文字数：2261，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 备受市场关注的"国补"资金，有了新进展。 国家发改委政策研究室副主任李超26日在发布会上表示，将在7月下达今年第三批消费品以旧换新资 金。 李超表示，将更加注重"时序性"和"均衡性"的原则，分领域制定落实到每月、每周的"国补"资金使用 计划，保障消费品以旧换新政策全年有序实施。 面对外部环境的不确定性增加，下半年稳增长政策仍需加力，消费品以旧换新等扩内需政策措施有望 继续优化升级。李超强调，当前外部环境的复杂性、严峻性、不确定性有所增加，全球经贸稳定增长 面临挑战，这些都会影响经济平稳运行。随着存量政策加快落地见效，新的储备政策陆续出台实施， 我们有信心、有能力把外部冲击的不确定性和不利影响降到最低，推动经济持续健康发展。 确保"两新"全年有序实施 今年以来，各地持续加力扩围"两新"政策，有力推动消费潜力加速释放。 从最新经济数据来看，5月份社会消费品零售总额同比增长6.4%，增速是2024年以来最高水平，消 费成为拉动经济增长的重要引擎。其中，消费品以旧换新政策发挥了重要作用。 李超介绍，消费品以旧换新方面，超长期特 ...

Core Viewpoint - The Chinese government is intensifying policies to boost domestic consumption, particularly through the "old-for-new" program for consumer goods, in response to increasing external uncertainties and economic challenges [2][5]. Group 1: Policy Implementation - The National Development and Reform Commission (NDRC) plans to issue the third batch of "old-for-new" funds in July, emphasizing a more timely and balanced approach to fund allocation [2][4]. - The total support for the "old-for-new" program includes 300 billion yuan from special long-term bonds, with 162 billion yuan already distributed in the first two batches [3][4]. - The program has significantly contributed to the retail sector, with a reported 6.4% year-on-year growth in social retail sales in May, marking the highest growth rate in 2024 [3]. Group 2: Economic Impact - The "old-for-new" policy has led to a surge in sales of related products, exceeding 1.4 trillion yuan this year, with notable growth in the county-level markets [3][7]. - From May 1 to June 21, county-level home appliance sales increased by 47%, and "old-for-new" sales rose by 54%, indicating a new peak in sales [3]. - The focus on upgrading consumption patterns is evident, with sales of high-end appliances increasing by 73% in the first five months of the year [3][7]. Group 3: Future Outlook - The government aims to further enhance the effectiveness of the "old-for-new" policy by expanding the categories of supported products and improving the quality of goods [7][8]. - There is a strong emphasis on collaboration between fiscal, monetary, and industrial policies to ensure timely fund allocation and stimulate consumer spending [8]. - The focus will also be on supporting low-income groups and promoting service-oriented consumption, particularly in sectors like education and healthcare [7][8].

Economic Overview - The overall economic operation is stable, with a focus on maintaining progress while seeking stability amid a complex external environment [2] - In May, the industrial added value increased by 5.8% year-on-year, and the service production index grew by 6.2%, reflecting a slight improvement from the previous month [2] - Social retail sales in May rose by 6.4%, marking the highest growth rate in 2024, while fixed asset investment showed steady growth, with manufacturing investment up by 8.5% [2] Policy Implementation - The "Two New" policies are being actively implemented, with significant funding allocated for equipment updates and consumer goods replacement programs [3] - A total of 200 billion yuan has been allocated for long-term special government bond support for equipment updates, with the first batch of approximately 173 billion yuan already distributed across 7,500 projects [3] - The sales of goods related to the old-for-new consumer program exceeded 1.4 trillion yuan this year, indicating the effectiveness of the policy [3] Employment and Investment - The government has initiated a new action plan to promote employment and income for key groups through labor-intensive projects, with 16.5 billion yuan allocated for 3,900 projects expected to create jobs for 380,000 people [4] - The proportion of labor remuneration in central project funding has been increased from over 30% to 40%, enhancing support for local employment [4][5] Energy Supply - The national power supply and demand balance is generally secure, with an expected increase of about 10 million kilowatts in peak electricity load this summer [6] - The government is taking measures to enhance energy supply capabilities and has coordinated efforts to ensure stable production and supply of coal and natural gas [6]

Economic Outlook - The National Development and Reform Commission (NDRC) emphasizes confidence and capability in promoting sustained and healthy domestic economic development despite complex external challenges [2] - The NDRC has implemented proactive macro policies to stabilize employment and promote high-quality development, resulting in overall stable economic operation [2] Employment Support Initiatives - The NDRC has launched the "Action Plan" to enhance employment and income for key groups through the "work-for-relief" policy, with a focus on increasing support for vulnerable populations [2][3] - A total of 16 billion yuan has been allocated for "work-for-relief" projects, expected to create job opportunities for 380,000 individuals [3] Policy Implementation and Funding - The NDRC plans to issue the third batch of funds for the "old-for-new" consumption policy in July, with a total support of 300 billion yuan for consumer goods [4][5] - The first two batches of funding for equipment updates have already allocated approximately 173 billion yuan, supporting around 7,500 projects across 16 sectors [4] Market Impact - The "old-for-new" policy has led to significant sales growth in related products, with sales exceeding 1.4 trillion yuan this year [5] - The NDRC aims to enhance the effectiveness of the "two new" policies by improving project management and ensuring timely funding distribution [5]

Core Viewpoint - The "Two New" policy is effectively boosting investment, consumption, and transformation in China, with significant sales growth in home appliances, furniture, and communication equipment, leading to over 1.4 trillion yuan in sales from trade-in programs this year [1] Group 1: Policy Implementation and Financial Support - The National Development and Reform Commission (NDRC) plans to issue the third batch of funding for consumer goods trade-in programs in July, ensuring a structured and balanced approach to fund allocation throughout the year [3][6] - A total of 300 billion yuan in long-term special government bonds will be allocated to support consumer goods trade-in initiatives, with 162 billion yuan already distributed in the first two batches [3][6] - The NDRC aims to enhance project management and financial oversight for equipment upgrades, with 200 billion yuan allocated for equipment updates this year [6] Group 2: Consumer Impact and Sales Data - As of May 31, 2025, the trade-in program has generated 1.1 trillion yuan in sales across five major categories, with approximately 175 million subsidies issued directly to consumers [5] - The program has seen significant participation, with 4.12 million applications for vehicle trade-ins and millions of purchases in home appliances and digital products [5] Group 3: Regional and Sectoral Developments - The Guangdong provincial government has confirmed that it will not prematurely end the trade-in policy, addressing concerns about temporary suspensions in certain cities due to system upgrades [5] - Recent policies from various departments emphasize financial support for key consumption areas, including trade-in programs for old vehicles and appliances, aiming to enhance consumer spending [7][8] Group 4: Economic Outlook - The 300 billion yuan in trade-in subsidies is projected to represent approximately 0.5% of the total disposable income and 0.7% of the total retail sales of consumer goods in 2024, potentially boosting retail sales growth by about 1 percentage point this year [8]

Group 1 - The core viewpoint of the article emphasizes the implementation of the "Two New" policies by the National Development and Reform Commission to boost consumption and investment through the old-for-new consumption policy and equipment updates [1] - The third batch of funds for the old-for-new consumption policy will be allocated in July, with a focus on ensuring a balanced and timely distribution of funds across different sectors [1] - The total support for equipment updates through special long-term bonds amounts to 200 billion yuan, with the first batch of approximately 173 billion yuan already allocated to around 7,500 projects across 16 sectors [1] Group 2 - The total support for the old-for-new consumption policy is set at 300 billion yuan, with 162 billion yuan already distributed in the first two batches [1] - The sales of related products under the old-for-new policy have exceeded 1.4 trillion yuan this year, indicating a rapid growth in sales of appliances, furniture, and communication equipment [1] - The policies are designed to stabilize investment, expand consumption, promote transformation, and improve people's livelihoods, showcasing their effectiveness in the current economic environment [1]

Core Viewpoint - The article emphasizes the importance of enhancing the capacity for large-scale renewable energy consumption in the context of China's new energy system, highlighting three key strategies to achieve this goal [1][3][12]. Group 1: Strategies for Renewable Energy Consumption - The first strategy involves coordinating power transmission and local consumption, leveraging the advantages of wind and solar resources in desert and arid regions to build large-scale renewable energy bases, and exploring new models that integrate renewable energy with industrial development [1][12]. - The second strategy focuses on the coordination of power grid and regulation capacity, ensuring that the construction of renewable energy, transmission channels, and supporting regulation power sources progresses in tandem. China has built the world's largest power grid and is set to increase its high-voltage transmission capacity with new projects [2][12]. - The third strategy is about balancing energy demand and supply, enhancing demand-side flexibility, and promoting charging infrastructure to improve renewable energy consumption capacity [2][12]. Group 2: Achievements and Future Plans - As of May, China's renewable energy consumption utilization rate has maintained over 90%, indicating positive progress in renewable energy consumption [3][12]. - The National Development and Reform Commission (NDRC) plans to continue focusing on renewable energy consumption as a key aspect of building a new energy system, implementing supportive policies across generation, transmission, and regulation [3][12].

Group 1 - The National Development and Reform Commission (NDRC) is set to issue the third batch of funds for the "old-for-new" consumption policy in July, ensuring the policy is implemented smoothly throughout the year [1][2][13] - The "Two New" policy has shown significant effects, with sales of related products exceeding 1.4 trillion yuan this year, particularly in appliances, furniture, and communication equipment [2][13] - The NDRC has allocated 200 billion yuan in special bonds for equipment upgrades, with the first batch of approximately 173 billion yuan already distributed to around 7,500 projects across 16 sectors [1][13] Group 2 - The NDRC is enhancing the management of equipment upgrade projects and will introduce loan interest subsidies to reduce financing costs for businesses [2][13] - The NDRC is focusing on the timely evaluation of the progress of various sectors under the "Two New" policy to improve its effectiveness [1][2][13] Group 3 - The NDRC has reported a 5.8% year-on-year increase in industrial output and a 6.4% increase in retail sales in May, indicating stable economic performance [9] - Fixed asset investment has shown steady growth, with manufacturing investment rising by 8.5% [9] - The NDRC is actively addressing the challenges posed by external economic pressures while maintaining a focus on domestic economic stability [9]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of the "Two New" policies in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods, with a notable increase in sales of home appliances, furniture, and communication equipment [1] Group 1 - The NDRC reported that sales of products related to the trade-in program have exceeded 1.4 trillion yuan this year [1] - The NDRC plans to enhance the management of equipment update projects and accelerate project construction while strengthening fund supervision [1] - A new policy for equipment update loan interest subsidies will be introduced to further reduce financing costs for businesses [1]