记者丨 周潇枭 编辑丨张星 1月30日，财政部对外发布2025年财政收支数据。 2025年，全国一般公共预算收入实现21.6万亿元，比上年下降1.7%。其中，税收收入约17.6万 亿元，增长0.8%；非税收入3.97万亿元，下降11.3%。 尽管财政收入小幅下降，但是财政支出仍在持续扩张，重点支出得到有效保障。2025年全国一 般公共预算支出28.7万亿元，比上年增长1%。 财政部副部长廖岷表示，2026年财政赤字、债务总规模和支出总量将保持必要水平，确保总体 支出力度"只增不减"、重点领域保障"只强不弱"。把更多的财政资金用在提振消费、"投资于 人"、民生保障等方面，多渠道增加居民收入。 （财政部召开2 0 2 5年度财政收支情况新闻发布会现场图，图片来源：财政部） 申报收入位居全国前1 0%的个人 缴纳个税占比九成以上 2025年全国一般公共预算收入较上年下降1.7%，主要在于2024年一次性安排中央单位上缴专 项收益抬高基数，税收收入保持小幅正增长。 具体来看，主体税种保持正增长。2025年国内增值税实现6.89万亿元，增长3.4%；国内消费 税1.69万亿元，增长2%；企业所得税4.13万亿元，增长1 ...

Core Viewpoint - The Chinese government is committed to promoting domestic consumption through policies such as subsidies and the "two new" policy, which focuses on large-scale equipment updates and consumer goods exchange programs [1][4][7] Group 1: Policy Implementation - The "two new" policy aims to encourage both enterprises and residents to upgrade equipment and exchange old consumer goods for new ones with government subsidies [4] - The Ministry of Finance has confirmed ongoing support for consumer goods exchange programs, emphasizing the importance of stable employment and increased income to boost consumption [4][7] - The government plans to continue implementing special consumption initiatives and adjust subsidy standards to enhance domestic consumption capacity [7] Group 2: Economic Context - China is the world's largest producer of daily consumer goods, making the promotion of domestic consumption crucial for healthy economic development [7] - There is a positive correlation between disposable income levels and consumption patterns; stagnant or declining disposable income may lead to conservative spending behaviors [7][10] - Experts suggest that while Chinese residents have high consumption capacity, their willingness to spend is lower than the international average, indicating a need to enhance consumer confidence [10] Group 3: Consumer Behavior Insights - Chinese citizens have the highest savings rate globally, with their total savings now accounting for 30% of the world's total, up from 5% three decades ago [13] - Historical comparisons indicate that economic crises and rising living costs contribute to a cautious consumer mindset, leading to higher savings and lower discretionary spending [13][14] - Addressing fundamental issues such as housing, childcare, and retirement could significantly improve consumer willingness to spend [14]

江苏 Jiang Su 1月30日，航拍建设中的南京北站枢纽工程。截至目前，南京北站正负零以下结构施工全部完成，项目全面转入地面主体结构施工阶段。 赵亚玲 摄 视觉江苏网供图 股市 Equity Market 1月30日，沪指本月累计涨3.76%，呈现"冲高后窄幅震荡"的走势，一月中旬再创十年新高后小幅回落，最终站稳4100点关口上方。科创50指数表现 较强，月累计上涨超12%。上证50指数走出"先扬后抑"的态势，日线一度收出6连阴。市场交投活跃，沪深两市成交额连续20个交易日突破2.5万亿 元。从板块来看，1月热点聚焦度显著提升，有色金属与科技两大主线交替领涨。 国内 财政部经济建设司副司长吴盖介绍说，据初步统计，2025年消费品以旧换新相关产品销售额超过2.6万亿元，惠及约3.6亿人次，其中汽车以旧换新超 过1150万台，新能源汽车在汽车以旧换新中的销售占比将近60%。 环球 美国电力监管机构北美电力可靠性协会（NERC）发布的一份最新报告显示，未来五年内，多达1.51亿美国人将面临电力短缺甚至全面停电的风险。 主要原因包括极端天气、天然气系统脆弱性以及AI热潮下的电力需求激增。 沙特宣布启动"国家私有化 ...

2026年开年首月，国家密集推出一系列惠民惠企政策，涉及消费、育儿、养老、住房等多个领域，切实 释放政策红利，惠及千家万户与经营主体，真金白银助力民生与经济发展。 国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》明确 2026年"两新"政策的支持范围、补贴标准和工作要求。 2026年"两新"政策继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支持范围 聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品；同时，将数码产品购新补贴拓展为数码和 智能产品购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品（含适老 化家居产品）。 2026年育儿补贴1月5日起已全面开放申领，2026年育儿补贴增加了续领功能。2025年已申领过育儿补贴 且符合新一年继续申领条件的婴幼儿，如果信息没有变化，其申领人可直接一键续领；如果信息有变 化，则需点击修改，系统会将第一次申请信息自动带入，申领人只需针对有变动的内容进行修改再提交 即可。 财政部等5部门对外发布通知，明确实施中小微企业贷款贴息政策。政策支持范围为2026年1月1日起经 办银行发放的、符 ...

Group 1 - The Ministry of Finance will implement a more proactive fiscal policy in 2025, introducing a series of funding policies to support the expansion of commodity consumption and optimize service consumption supply [1] - The total sales of products related to the "old-for-new" consumption policy are expected to exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The "old-for-new" policy will support the replacement of over 11.5 million vehicles, with nearly 60% being new energy vehicles, and nearly 1.3 billion home appliances, with over 90% being first-level energy-efficient products [1] Group 2 - The Ministry of Finance, in collaboration with the Ministry of Commerce, will launch pilot projects for new consumption formats, models, and international consumption environments, with 65 pilot cities selected and an initial funding of 9.6 billion yuan allocated [2] - The pilot projects will focus on supporting the "first-release economy," service consumption, and "IP + consumption," aiming to create new consumption scenarios that drive development [2] - Successful cases have emerged, such as the humanoid robot 7S store in Wuhan, which injects new momentum into urban consumption [2] Group 3 - A prize invoice initiative will be launched by the Ministry of Finance, the Ministry of Commerce, and the State Taxation Administration by the end of 2025, covering 50 cities to stimulate consumer demand in daily consumption scenarios [3] - The pilot cities selected account for 44% of the national GDP and social retail sales, with the Ministry of Finance set to expedite the disbursement of pilot funds [3] - The Ministry of Finance will work with relevant departments to ensure policy implementation, strengthen fund supervision, and enhance the consumption atmosphere to boost consumer willingness [3]

今年的消费品以旧换新政策已落地实施1个月，2026年第一批625亿元超长期特别国债支持消费品以旧换 新资金计划，带动各地消费市场持续"焕新"。各地和线上线下平台推出配套活动和服务，为消费者提供 更多便利。 ...

央视网消息：国家统计局、中国物流与采购联合会1月31日发布2026年1月份中国采购经理指数。数据显示，1月，我国制造业市场需求有所收 紧，但企业生产保持扩张态势，产业结构继续优化。服务业运行态势相对稳定，企业预期持续向好。 2026年1月份，中国制造业采购经理指数为49.3%。1月份，装备制造业采购经理指数为50.1%，高技术制造业采购经理指数为52%，装备制造业 和高技术制造业稳中向好发展，制造业产业结构持续优化。 国家统计局服务业调查中心企业景气处处长霍丽慧介绍，从行业来看，农副食品加工、铁路、船舶、航空航天设备等行业的生产指数和新订单 指数都高于56%，相关行业产需释放较快。 从非制造业情况看，2026年1月份中国非制造业商务活动指数为49.4%。 中国物流与采购联合会副会长何辉表示，服务业总体还是保持比较平稳的，金融业保持在65%以上的较高景气水平。 金融业支持实体经济力度保持强劲、新动能发展态势稳健、部分消费相关服务业表现良好成为支撑服务业稳定的主要因素。 1月份，在元旦假期消费带动下，部分消费相关行业表现良好。铁路运输业商务活动指数保持在53%以上的较高水平，景区服务业商务活动指 数较上月上升，升 ...

Core Insights - The Ministry of Finance announced a total of 300 billion yuan in special government bond funds to support the "old for new" consumption policy in 2025, significantly boosting consumer spending and aiding industry transformation [1][2] - The sales revenue from products related to the "old for new" policy is expected to exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The trial programs for new consumption models and international consumption environments have been initiated, with 65 pilot cities selected and an initial funding of 9.6 billion yuan allocated [2] Group 1: Consumption Policy Impact - The "old for new" policy led to the replacement of over 11.5 million vehicles, with nearly 60% being new energy vehicles [1] - Approximately 130 million home appliances were replaced, with over 90% being first-level energy-efficient products [1] - Sales of digital products, including mobile phones, reached over 91 million units, with mid-to-high-end models accounting for 72.5% of sales [1] Group 2: Pilot Programs and Initiatives - The pilot programs focus on three areas: supporting the "first launch economy," service consumption, and "IP + consumption" [2] - A reward invoice initiative will be launched in 50 cities to stimulate daily consumer spending in areas such as shopping, dining, and tourism [2] - The selected pilot cities account for 44% of the national GDP and social retail sales, with funding to be disbursed promptly after the public announcement [2]

Group 1: Fiscal Policy Overview - In 2025, China's general public budget revenue is projected to be 21.6 trillion yuan, a decrease of 1.7% compared to 2024 [3] - Central government revenue is expected to be 939.63 billion yuan, down 6.5%, while local government revenue is projected to grow by 2.4% to 12.21 trillion yuan [3] - Nearly 90% of regions are expected to see revenue growth, with 27 out of 31 provinces, autonomous regions, and municipalities reporting increases [3] Group 2: Tax Revenue Performance - Tax revenue is anticipated to grow by 0.8%, while non-tax revenue is expected to decline by 11.3% due to a high base from 2024 [3] - Specific tax categories show growth: domestic value-added tax up 3.4%, domestic consumption tax up 2%, and corporate income tax up 1% [3][4] Group 3: Expenditure and Support Policies - Total public budget expenditure is projected to be 28.74 trillion yuan, an increase of 1% year-on-year [5] - Key areas of expenditure include social security and employment (up 6.7%), education (up 3.2%), and health (up 5.7%) [5] - Approximately 100 billion yuan is allocated for childcare subsidies, with 904 billion yuan from the central government [6] Group 4: Agricultural and Consumption Support - 1.766 trillion yuan is allocated for high-standard farmland construction, a 53% increase, supporting 7.568 million acres [6] - The government is promoting consumption through policies like the "old-for-new" program, with sales exceeding 2.6 trillion yuan and benefiting over 360 million people [7] - In Hainan Free Trade Port, "zero tariff" policies have led to a significant increase in imported goods, with a value of 857 million yuan, up 243% [7]

Core Viewpoint - Shanghai has announced a comprehensive policy to promote large-scale equipment updates and a trade-in program for consumer goods, aiming to stimulate consumption and enhance the recycling economy [1][3]. Group 1: Large-Scale Equipment Updates - The policy supports applications for national equipment update projects across various sectors, including industrial, electronic information, energy, transportation, logistics, education, cultural tourism, healthcare, and more [7]. - Specific support is provided for the scrapping and updating of old operational trucks and the renewal of new energy city buses, with subsidies following existing guidelines [8]. Group 2: Consumer Goods Trade-In Program - The policy outlines subsidies for scrapping and updating vehicles, with a maximum subsidy of 20,000 yuan for purchasing new energy passenger vehicles and 15,000 yuan for 2.0-liter or below fuel vehicles [10]. - For vehicle trade-ins, consumers can receive up to 15,000 yuan for new energy vehicles and 13,000 yuan for fuel vehicles, depending on the vehicle's price [10]. Group 3: Household Appliances and Digital Products - Consumers purchasing energy-efficient household appliances such as refrigerators, washing machines, and air conditioners can receive a subsidy of 15% of the product price, capped at 1,500 yuan per item [10]. - For digital and smart products, a subsidy of 15% is available for items priced under 6,000 yuan, with a maximum of 500 yuan per item [11]. Group 4: Recycling and Resource Utilization - The policy emphasizes the establishment of a comprehensive recycling network for old equipment and consumer goods, promoting a "two-network integration" recycling system [8]. - It aims to enhance the recycling and remanufacturing industry, focusing on high-end remanufacturing projects and improving the quality and safety of remanufactured products [9].