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中证报头版:强化财税金融支持 以旧换新政策加力可期
Sou Hu Cai Jing· 2025-08-24 23:27
近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出 部署,释放出政策支持加力信号。专家表示,从当前各地对以旧换新政策优化调整的路径看,后续以旧 换新政策有可能在上调资金支持规模、扩大品类范围等方面发力,同时将进一步强化政策协同与技术赋 能,确保政策红利直达消费者,有效扩大内需、提振消费。 ...
强化财税金融支持 以旧换新政策加力可期
● 本报记者 连润 王舒嫄 近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出 部署,释放出政策支持加力信号。 专家表示,从当前各地对以旧换新政策优化调整的路径看,后续以旧换新政策有可能在上调资金支持规 模、扩大品类范围等方面发力,同时将进一步强化政策协同与技术赋能,确保政策红利直达消费者,有 效扩大内需、提振消费。 政策效果明显 今年以来,以旧换新政策持续发力,范围有所扩大,涉及产品越来越多。在政策带动下,传统消费领域 和智能消费领域活力持续释放,政策效果显著。 最新数据显示,7月,限额以上单位家用电器和音像器材类、文化办公用品类、家具类和通讯器材类商 品零售额同比分别增长了28.7%、13.8%、20.6%、14.9%,均明显快于商品零售额增速,继续支撑商品 销售增长。 以旧换新政策同样惠及汽车行业。最新发布的增值税发票数据显示,2024年4月至2025年7月,全国新能 源车销量同比增长81.7%,增长势头迅猛。 国家统计局新闻发言人付凌晖表示:"消费品以旧换新政策加力扩围,对相关商品销售带动作用继续显 现。" 支持力度料加码 从中央层面看,加力支持以旧换新的政策信 ...
7月宏观数据点评:多重扰动背景下经济有所放缓
Yintai Securities· 2025-08-18 08:11
Economic Overview - In July, the industrial added value for large-scale enterprises grew by 5.7% year-on-year, a slowdown of 1.1 percentage points from the previous month[2] - The total retail sales of consumer goods increased by 3.7% year-on-year in July, marking a new low for the year, and down 1.1 percentage points from the previous month[18] - Fixed asset investment (excluding rural households) grew by 1.6% year-on-year from January to July, continuing a decline for four consecutive months[24] Industrial Production - The growth rate of industrial added value for the first seven months was 6.3% year-on-year[8] - High-tech manufacturing and equipment manufacturing maintained high growth rates, with increases of 9.3% and 8.4% respectively in July[8] - Export delivery value growth slowed to 0.8% in July, down 3.2 percentage points from the previous month[8] Consumer Market - The retail sales of goods in July grew by 4.0%, while catering services increased by only 1.1%[18] - The "old-for-new" policy pause in some regions led to a significant drop in related goods sales growth[18] - Sales of household appliances and audio-visual equipment grew by 28.7%, down from 32.4% in the previous month[18] Fixed Asset Investment - Manufacturing investment grew by 6.2%, a slowdown of 1.3 percentage points from the previous month[24] - Infrastructure investment growth was 7.3%, down 1.6 percentage points from the previous month[26] - Private investment growth fell to -6.3% in July, indicating a significant decline in private sector confidence[26] Real Estate Market - Real estate development investment decreased by 12.0% year-on-year from January to July, with the decline widening by 0.8 percentage points from the previous month[33] - New housing construction area fell by 19.4%, while the sales area of new commercial housing dropped by 4.0%[34] - The price index for new residential buildings in 70 large and medium-sized cities fell by 0.3% month-on-month in July[34]
国家统计局解读!核心CPI同比涨幅连续扩大
Zheng Quan Ri Bao Wang· 2025-08-15 04:05
Group 1 - In July, the Consumer Price Index (CPI) showed positive changes, with a month-on-month increase of 0.4%, reversing the previous month's decline of 0.1% [1] - The rise in CPI was primarily driven by increases in service and industrial consumer goods prices, with significant price hikes in transportation-related services due to the summer travel season [1][2] - The core CPI, which excludes food and energy prices, increased by 0.8% year-on-year, marking a 0.1 percentage point increase from the previous month, indicating a steady upward trend [2][3] Group 2 - The increase in core CPI is attributed to effective implementation of consumption-boosting policies and gradual release of consumption potential, alongside the establishment of a unified domestic market [3] - Prices of industrial consumer goods, excluding energy, rose by 1.2% year-on-year, with household appliances seeing a 2.8% increase, reflecting a positive impact on CPI [3] - Service prices also experienced a year-on-year increase of 0.5%, with notable rises in household and educational services, contributing to the overall CPI growth [3][4] Group 3 - Overall, the CPI in July remained stable, with positive changes continuing to emerge, although the market still faces a situation of strong supply and weak demand [4] - Future policies aimed at expanding domestic demand and furthering the construction of a unified national market are expected to continue yielding positive effects on price levels [4]
发布会纪要丨“双贴息”政策落地,聚焦8类消费行业加大信贷投放力度
Di Yi Cai Jing Zi Xun· 2025-08-13 04:43
Core Viewpoint - The "double interest subsidy" policy aims to enhance credit support for eight key consumer sectors, thereby stimulating consumption and improving economic circulation [3][5][9]. Group 1: Policy Overview - The policy includes personal consumption loan interest subsidies and service industry loan interest subsidies, designed to lower credit costs for residents and businesses [5][10]. - The policy will be in effect for one year, with evaluations to determine potential extensions or adjustments based on its effectiveness [7][14]. Group 2: Targeted Sectors - The focus is on eight consumer sectors: catering and accommodation, health, elderly care, childcare, housekeeping, cultural entertainment, tourism, and sports, with an emphasis on small and micro enterprises [6][11]. Group 3: Financial Mechanism - The policy is structured to leverage public funds to attract more financial resources into the consumer sector, with a potential leverage effect of 1:100 for every unit of subsidy [9][13]. - The interest subsidy is intended to support reasonable borrowing needs and genuine consumption behaviors, excluding any non-consumption-related activities [10][15]. Group 4: Implementation and Oversight - Financial regulatory authorities will incorporate the execution of these policies into regular oversight, ensuring that lending institutions adhere to the guidelines and protect borrowers' rights [14][15]. - The policies are designed to be straightforward and accessible, avoiding complex procedures and covering a wide range of consumer scenarios [16].
财政部:简单测算 1%贴息比例意味着1元贴息资金可能带动100元贷款资金
财联社· 2025-08-13 03:08
Core Viewpoint - The article discusses the introduction of personal consumption loan interest subsidy policies aimed at stimulating consumer spending and enhancing market vitality through financial collaboration and public funding leverage [2][4]. Group 1: Policy Overview - The personal consumption loan interest subsidy policy is a first-time initiative by the central government to subsidize personal consumption loans, directly benefiting the public [4]. - The subsidy rate is set at 1%, which is approximately one-third of the current commercial bank personal consumption loan interest rates [4]. - The policy is designed to last for one year, with potential evaluations for extension based on its effectiveness [4]. Group 2: Targeted Areas of Consumption - The subsidy applies to various consumer loan categories, including daily expenses under 50,000 yuan and larger purchases such as home appliances, automobiles, education, and healthcare [4]. - The service industry loan subsidy targets eight key sectors: dining, accommodation, health, elderly care, childcare, home services, cultural entertainment, and sports [4]. Group 3: Expected Impact - A simple calculation indicates that a 1% subsidy could potentially mobilize 100 yuan in loan funds for consumer spending for every 1 yuan of subsidy provided [3]. - The policies are expected to work in conjunction with existing programs, such as the consumer goods trade-in subsidy, to effectively support consumer demand [5].
消费品以旧换新政策效果评估与改进方向
Zhong Guo Yin Hang· 2025-08-12 11:41
Group 1: Policy Effectiveness - The current recycling policy has significantly boosted sales of key consumer goods, particularly home appliances and communication devices, leading to a total sales increase of 1.1 trillion yuan by May 2025[6] - Home appliance consumption grew by 30.7% in the first half of 2025, contributing 25.1% to overall consumption growth, while communication devices increased by 24.1%, contributing 16.6%[6] - The policy has positively impacted the profitability of home appliance companies, with revenue growth rates for major firms like Midea and Haier reaching 13.9% and 27.36% respectively in Q1 2025[20] Group 2: Challenges and Issues - Some regions have experienced a disruption in subsidy funding, affecting market expectations and policy effectiveness, with reports of funding shortages since May 2025[32] - The policy has led to a "Matthew effect," concentrating tax revenues in manufacturing strong provinces, which diminishes the incentive for less developed regions to implement the policy[35] - The policy is facing diminishing returns after over a year of implementation, raising concerns about a potential "policy cliff" once the subsidies are withdrawn[41] Group 3: Recommendations - It is recommended to accelerate the disbursement and allocation of subsidy funds to stabilize market expectations and prevent funding interruptions[54] - Expanding the range of subsidized products and extending the subsidy duration are suggested to mitigate the risk of a "policy cliff" and maintain consumer demand[54] - The government should consider easing participation thresholds for small and medium enterprises to ensure broader access to the benefits of the policy[59]
上半年规上轻工企业实现营收超十一万亿元
Ren Min Ri Bao· 2025-08-11 22:01
Group 1 - The core viewpoint of the articles highlights the resilience and steady growth of China's light industry, driven by the implementation of the consumption upgrade policy, which has positively impacted production and market demand [1][2]. - In the first half of the year, revenue from large-scale light industry enterprises reached 11.3 trillion yuan, representing a year-on-year growth of 4.3%, while profits amounted to 649.65 billion yuan, with a growth of 0.7% [1]. - The added value of large-scale light industry increased by 7% year-on-year, continuing the positive trend observed since the fourth quarter of the previous year [1]. Group 2 - The retail sales of light industry products reached 4.3199 trillion yuan in the first half of the year, showing a year-on-year increase of 11.6%, contributing 38.6% to the total growth of social consumer goods retail sales [1]. - The consumption upgrade policy has led to significant growth in specific sectors, with retail sales of household appliances and audio-visual equipment increasing by 30.7%, and furniture retail sales rising by 22.9%, which is nearly 20 percentage points higher than the growth rate for the entire previous year [2].
上半年规上轻工企业实现营收超十一万亿元 家具类商品零售额同比增长超两成
Ren Min Ri Bao· 2025-08-11 21:39
生产保持总体稳定。上半年,规模以上轻工业增加值同比增长7%,延续去年四季度以来回升向好的发 展态势。得益于消费品以旧换新政策,部分轻工行业生产实现较快增长,助动车、电池制造业增加值继 续保持两位数增长,家用电器制造业增加值同比增长7.1%。 市场规模稳步扩大。上半年,国内消费需求不断释放,市场活力逐步增强,轻工11类商品零售额43199 亿元,同比增长11.6%。轻工商品零售对社会消费品零售总额增长的贡献率为38.6%,拉动社会消费品 零售总额增长1.93个百分点。 随着消费品以旧换新政策加力扩围,相关商品消费潜力不断释放,政策效应持续显现。上半年,家用电 器和音像器材类商品零售额增长30.7%,自上年9月份以来持续保持两位数增长。家具类商品零售额同 比增长22.9%,增速比上年全年高近20个百分点。 本报北京8月11日电 (记者韩鑫)中国轻工业联合会近日公布数据显示:上半年,规模以上轻工企业实 现营业收入11.3万亿元,同比增长4.3%;实现利润6496.5亿元,同比增长0.7%。 "今年以来,消费品以旧换新政策加力扩围,政策效应持续显现,轻工业继续保持韧性,经济运行延续 稳中有进态势。"中国轻工业联合会会 ...
上半年规上轻工企业营收超11万亿元
Yang Shi Wang· 2025-08-10 12:38
在消费市场方面,政策驱动效应显著。上半年,轻工11类商品零售额超4.3万亿元,同比增长11.6%。得益于消费品以旧换新政策,电动自行车、家用冷 柜、洗衣机、燃气灶具等产品产量实现两位数增长。随着政策不断加力扩围,消费潜力持续释放,家用电器和音像器材类、家具类商品零售额分别同比增长 30.7%、22.9%,延续年初以来的较快增长势头。 在产业升级层面,上半年,轻工产品加速向高端化、智能化迈进。其中,规模以上轻工企业数字化研发工具普及率达86.2%,有效带动高附加值产品规 模化生产。 此外,轻工出口继续保持韧性。上半年,轻工商品出口4568亿美元,在21个大类行业中,有11个行业出口额实现同比增长。 央视网消息(新闻联播):中国轻工业联合会数据显示,上半年,我国轻工业延续去年四季度以来的回升向好态势,生产稳中有进,规模以上轻工业增 加值同比增长7.0%,营业收入达11.3万亿元。 ...