消费品以旧换新是当前扩大内需的重要抓手。据悉，7月，国家发展改革委、财政部已向地方下达了今 年第三批690亿元超长期特别国债支持消费品以旧换新资金，并计划于10月下达今年第四批690亿元超长 期特别国债资金。 多位专家表示，扩内需仍然要靠财政政策和货币政策发力。超长期特别国债支持消费品以旧换新政策或 扩围至服务消费，促进服务消费发展；结构性货币政策工具将继续发力支持科技创新、提振消费等主 线。 已多次被预告的"新型政策性金融工具"下半年有望落地。国家发展改革委党组近期在《学习时报》发文 提到"设立新型政策性金融工具，进一步解决项目建设资本金和配套资金不足问题"。在中信证券首席经 济学家明明看来，新型政策性金融工具再度发力，不仅将延续对传统基础设施领域的支持，还会将资金 精准导向科技创新、扩大消费、稳定外贸等重点领域，既注重短期需求的提振，也着眼于长期经济结构 的转型及经济新动能的培育。 又至年中政策观察窗口期。近期，多部门召开经济形势座谈会、年中工作会或相关发布会，透露未来工 作重点。下半年政策主线聚焦扩内需、"反内卷"竞争思路明晰，值得期待。多位专家表示，扩内需仍然 要靠财政政策和货币政策发力；本轮"反内卷 ...

Core Viewpoint - The article emphasizes the importance of implementing proactive fiscal policies to support economic recovery and high-quality development, while also addressing social welfare and employment issues [1][16]. Group 1: Fiscal Policy Implementation - The Ministry of Finance will accelerate the issuance and utilization of ultra-long special government bonds and local government special bonds to create tangible work output [1][16]. - A total of 14.1 trillion yuan was spent from the national general public budget in the first half of the year, maintaining a strong expenditure intensity [7][15]. - By the end of June, 9.29 trillion yuan in central transfers to local governments had been disbursed, with over 90% of central budget investments allocated [8][15]. Group 2: Economic Stability and Growth - The article highlights the need to support employment, stabilize enterprises, and maintain market expectations through fiscal measures [7][15]. - Domestic demand is emphasized as a strategic focus, with measures to stimulate consumption and investment, including 1,620 billion yuan in special bond funds to support consumer goods [9][15]. - The GDP grew by 5.3% year-on-year, with domestic demand contributing 68.8% to economic growth, indicating a strong recovery [15]. Group 3: Social Welfare and Employment - The Ministry of Finance plans to enhance social security, healthcare, and education funding, with education and social security expenditures each approaching 4.5 trillion yuan, reflecting a year-on-year increase of 6.1% and 5.9% respectively [11][15]. - Employment support policies will be strengthened, including a 667.4 billion yuan allocation for employment subsidies [11][15]. - The implementation of a childcare subsidy system and gradual promotion of free preschool education are also highlighted to meet the needs of families [17]. Group 4: Fiscal System Reform - The Ministry of Finance is committed to deepening fiscal and tax system reforms to align with modern governance needs, including optimizing tax policies and enhancing budget management [12][18]. - A zero-based budgeting reform pilot is being conducted in 16 central departments to improve financial efficiency [13][18]. - The establishment of a modern budget system and a more effective transfer payment system is also a focus to enhance local fiscal autonomy [18].

Group 1 - The article emphasizes the need for the Ministry of Finance to align its actions with the central government's analysis of the economic situation, promoting high-quality economic and social development through effective fiscal policies [1][22] - The Ministry plans to implement a childcare subsidy system, gradually promote free preschool education, and provide subsidies for elderly care services for disabled seniors to better meet the service needs of the population [1][23] Group 2 - The Ministry of Finance aims to enhance employment stability through policies such as job retention subsidies, tax reductions, and employment support for key groups [1][23] - There is a focus on increasing educational support and improving the quality of educational resources, alongside the implementation of social security, healthcare, and welfare policies to ensure basic living standards for vulnerable groups [1][23] Group 3 - The Ministry is committed to accelerating the issuance and utilization of long-term special bonds and local government bonds to create tangible work output as part of its fiscal policy [1][22] - The article highlights the importance of using fiscal funds to guide and stimulate economic activity, ensuring that various policy effects are continuously released [1][22]

Group 1 - The article emphasizes the need for a more proactive fiscal policy to enhance economic stability and growth through increased fiscal counter-cyclical adjustments [1] - It highlights the importance of issuing and utilizing ultra-long special bonds and local government special bonds to generate tangible work output promptly [1] - The article discusses the role of fiscal funds in guiding and stimulating policy effectiveness, particularly in supporting traditional industry upgrades and the development of emerging industries [1] Group 2 - The article stresses the importance of strengthening social welfare measures to address urgent public concerns, including employment stability and educational support [2] - It advocates for the implementation of a childcare subsidy system and the gradual introduction of free preschool education to better meet the needs of families [2] - The article calls for enhanced social security, healthcare, and assistance policies to ensure basic living standards for vulnerable populations [2] Group 3 - The article outlines the need for continuous reform of the fiscal and tax system to improve governance efficiency and budget management [3] - It suggests optimizing the VAT refund policy and developing tax systems that align with new business models [3] - The article emphasizes the importance of enhancing local fiscal autonomy through improved transfer payment systems [3] Group 4 - The article focuses on promoting consumption to expand domestic demand and unlock market potential [4] - It discusses the need to improve policies supporting service consumption in areas such as elderly care, childcare, culture, and tourism [4] - The article highlights the importance of coordinating fiscal and financial policies to better meet consumer demand and support the real estate market's sustainable development [4]

Group 1 - The core viewpoint of the article highlights the positive growth in the fast food sector in Jiangsu province, attributed to the "Su Super" effect from local sports events, with overall retail sales showing a steady increase [1] - In the first half of the year, Jiangsu's total retail sales of consumer goods reached 2.39 trillion yuan, a year-on-year increase of 5.0%, with urban retail sales at 2.14 trillion yuan (up 4.8%) and rural retail sales at 252.06 billion yuan (up 6.8%) [1] - The fast food sector saw significant growth, with beverage and cold drink services increasing by 21.2% and fast food services by 6.2%, contributing to a 1.9 percentage point increase in the overall growth of the catering industry [1] Group 2 - The "old-for-new" consumption policy has effectively boosted retail sales, with related products (automobiles, home appliances, 3C digital products, and home goods) achieving retail sales of 384.7 billion yuan, a 9.4% year-on-year increase [2] - Physical retail stores have shown signs of recovery, with retail sales reaching 695.85 billion yuan, a 7.7% increase, while online retail sales grew by 7.9%, with physical goods online retail sales accounting for 21.9% of total retail sales [2] - The Jiangsu provincial statistics bureau emphasizes the need to continue promoting the "old-for-new" policy to enhance consumer capacity and foster new growth points in consumption [2]

智通财经APP获悉，7月30日，财政部部长蓝佛安在学习时报刊文表示，用好用足更加积极的财政政 策，加大财政逆周期调节力度。加快发行和使用超长期特别国债、地方政府专项债券，尽早形成实物工 作量。发挥财政资金引导和带动效应，推动各项政策效能不断释放。落实好助企帮扶各项财税政策，有 效改善经济微观循环。统筹运用专项资金、税收优惠、政府采购和政府投资基金等政策工具，支持传统 产业改造提升、新兴产业发展壮大和未来产业前瞻布局。指导督促地方做好隐性债务置换工作，积极稳 妥化解地方政府债务风险。 蓝佛安表示，推动税收制度改革，关税、增值税立法取得积极进展，优化离境退税政策，出台实施境外 投资者以分配利润直接投资有关税收优惠政策，研究明确海南自由贸易港全岛封关后税收制度。建立促 进高质量发展转移支付激励约束机制，激发地方发展产业、涵养税源的内生动力。构建更加科学高效的 政府投资基金管理体系，提升专业化市场化运作水平，促进政府投资基金高质量发展。 蓝佛安提到，以促消费为重点支持扩大内需，进一步释放国内市场潜力。不断完善支持养老、育幼、文 化、旅游等服务消费的政策体系。完善免税店政策，推动免税商品零售业务健康有序发展。强化财政与 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 财政部党组书记、部长蓝佛安在学习时报头版撰文称：要加大财政逆周期调节力度。 要加快发行和使 用超长期特别国债。 要统筹运用政策工具，支持传统产业改造提升。 要支持新兴产业发展壮大。 要以 促消费为重点支持扩大内需。 要出台实施重点领域贷款财政贴息政策。 要支持加快构建房地产发展新 模式。 ...

财长蓝佛安： 以促消费为重点支持扩大内需，进一步释放国内市场潜力 金十数据7月30日讯，财政部部长蓝佛安在学习时报刊文表示，以促消费为重点支持扩大内需，进一步 释放国内市场潜力。不断完善支持养老、育幼、文化、旅游等服务消费的政策体系。完善免税店政策， 推动免税商品零售业务健康有序发展。强化财政与金融政策协同联动，出台实施重点领域个人消费贷款 和服务业经营主体贷款财政贴息政策，更好满足消费需求。持续推进"两重"项目建设。支持加快构建房 地产发展新模式，实施城市更新行动，促进房地产市场持续健康发展。 ...

Core Insights - Jiangsu province achieved a total retail sales of social consumer goods of 2.39 trillion yuan in the first half of the year, marking a year-on-year growth of 5.0% [1] - Urban retail sales reached 2.14 trillion yuan, growing by 4.8%, while rural retail sales increased by 6.8% to 252.06 billion yuan [1] Group 1: Consumption Trends - The "Su Chao" effect is beginning to show, with significant growth in fast food sales; in May and June, the 18 counties hosting the "Su Chao" matches saw a 1.2 and 1.6 percentage point increase in accommodation and catering industry revenue compared to April [1] - The catering industry saw beverage and cold drink services grow by 21.2% and fast food services by 6.2%, contributing to a 1.9 percentage point increase in the overall catering industry growth [1] - A total of 1,073 new catering enterprises were added in the first half of the year, contributing 4.0 percentage points to the growth of the catering industry [1] Group 2: Policy Impact and Market Dynamics - The "old for new" consumption policy has effectively boosted retail sales, with related products (automobiles, home appliances, 3C digital products, and home goods) achieving retail sales of 384.7 billion yuan, a year-on-year increase of 9.4% [2] - The retail sales of physical stores increased by 7.7% to 695.85 billion yuan, while online retail sales grew by 7.9%, with physical goods online retail sales rising by 6.1% [2] - Online retail sales accounted for 21.9% of total social consumer goods retail sales, an increase of 0.5 percentage points from the first quarter [2]

Group 1 - Jiangsu province achieved a total retail sales of consumer goods of 23,949.0 billion yuan in the first half of the year, with a year-on-year growth of 5.0%, indicating overall market stability and joint development of urban and rural markets [1] - Urban retail sales reached 21,428.4 billion yuan, growing by 4.8%, while rural retail sales amounted to 2,520.6 billion yuan, increasing by 6.8% [1] - The "Su Chao" effect is beginning to show, with significant growth in fast food sales; in May and June, the combined growth rate of accommodation and catering industries in 18 counties (cities, districts) hosting the "Su Chao" matches accelerated by 1.2 and 1.6 percentage points compared to April [1] Group 2 - The "old-for-new" consumption policy has effectively boosted sales of green and smart products, with related goods (automobiles, home appliances, 3C digital products, home goods) achieving retail sales of 3,847.0 billion yuan, a year-on-year increase of 9.4% [2] - Retail sales from physical stores in Jiangsu reached 6,958.5 billion yuan, growing by 7.7%, while online retail sales increased by 7.9%, with physical goods online retail sales growing by 6.1% [2] - The proportion of physical goods online retail sales in total retail sales of consumer goods reached 21.9%, an increase of 0.5 percentage points compared to the first quarter [2]