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]

Core Viewpoint - The Guangxi Commerce Department announced a temporary suspension of the "old for new" subsidy program for consumer goods starting June 20, 2025, affecting various categories including automobiles and home appliances, despite the overall success of the program since its implementation in 2024 [1][2]. Group 1: Policy Changes - The suspension will affect the subsidy activities for automobile replacement, home appliance upgrades, 3C digital products, electric bicycles, and home renovation subsidies [1]. - The "old for new" subsidy program will continue throughout the year, with the specific resumption date to be announced later [2]. Group 2: Program Impact - Since the implementation of the "old for new" policy, Guangxi has conducted over 6,000 related events, with more than 5 million consumers participating and receiving nearly 65 billion yuan in subsidies [2][3]. - The program has led to significant sales increases, with home appliance sales reaching 3.226 million units and 100,000 units for 3C digital products, alongside 250,000 vehicles sold under the "old for new" scheme, of which 76.4% were new energy vehicles [3]. Group 3: National Context - The national "old for new" policy, which began in 2024, covers various consumer goods and has expanded to include consumer electronics in 2025, offering subsidies of 15% of the product price for eligible items [3]. - As of May 31, 2025, the program has generated a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies distributed to consumers [4].

Core Viewpoint - The article discusses the suspension of various consumer goods replacement subsidy programs in several regions of China due to rapid depletion of allocated funds, highlighting the impact on consumer spending and local fiscal challenges [1][2][3]. Group 1: Suspension of Subsidy Programs - The Guangxi Zhuang Autonomous Region announced the suspension of multiple consumer goods replacement subsidy activities effective June 20, 2025, including automobile trade-ins and home appliance upgrades [1]. - Other regions, such as Xinjiang, Chongqing, Hubei, and Jiangsu, have also suspended similar subsidy programs, indicating a broader trend across the country [2]. Group 2: Funding Issues - The rapid consumption of subsidy funds has led to the suspension of these programs, with local officials citing the quick depletion of allocated budgets as a primary reason [3]. - The central government allocated a total of 300 billion yuan for local matching funds, with 1.62 trillion yuan already distributed in two batches, leaving 1.38 trillion yuan to be allocated in the third and fourth quarters [3][4]. Group 3: Economic Impact - The early launch of subsidy programs and increased consumer enthusiasm during holiday promotions have resulted in a significant uptick in sales for related goods, with retail sales in certain categories showing substantial year-on-year growth [5]. - In May, retail sales of home appliances and communication devices increased by 53% and 33% respectively, contributing to a 1.9 percentage point increase in total social retail sales [5].

Core Viewpoint - The Guangxi Zhuang Autonomous Region's Department of Commerce announced the suspension of the 2025 consumer goods trade-in subsidy program, effective from June 20, 2025, at 24:00 [1] Group 1 - The subsidy activities affected include automobile trade-in, home appliance trade-in, 3C digital product purchases, electric bicycle trade-in, and home renovation subsidies [1]

Core Viewpoint - The Guangxi Zhuang Autonomous Region's Department of Commerce announced the suspension of the 2025 consumer goods trade-in subsidy program, effective from June 20, 2025, at 24:00 [1] Group 1: Suspension Details - The suspension includes subsidies for automobile trade-ins, old-for-new appliance exchanges, 3C digital product purchases, electric bicycle trade-ins, and home kitchen and bathroom renovation subsidies [1] - Consumers participating in the automobile trade-in subsidy must complete the purchase of a new vehicle and submit the necessary documentation by the specified deadlines to secure their subsidy [1] Group 2: Ongoing Programs - The automobile scrapping and updating subsidy will continue as per the original policy [1] - The old-for-new subsidy program will remain active throughout the year, with the specific resumption date to be announced officially [1]

Group 1: Consumption Growth and Policies - In May 2025, retail sales grew by 6.4% year-on-year, significantly exceeding the market expectation of 4.85%[1] - The government has prioritized "restoring and expanding consumption" as a key task for 2025, with over 20 specific measures introduced to stimulate consumption[1] - The "old-for-new" subsidy policy for consumer goods has been expanded, with the subsidy amount increasing from 150 billion yuan in 2024 to 300 billion yuan in 2025[2] Group 2: Impact of Subsidy Policies - The "old-for-new" policy has driven sales of five major categories of consumer goods to reach 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers by the end of May 2025[2] - Retail sales of household appliances and audio-visual equipment saw a year-on-year increase of over 30%, indicating strong demand driven by the subsidy policies[5] - The tourism sector experienced a record high during the Dragon Boat Festival, with 119 million domestic trips and total spending of 42.73 billion yuan, reflecting a 5.9% increase year-on-year[10] Group 3: Long-term Consumer Confidence Challenges - Despite short-term stimulus effects, consumer willingness remains low, with only 24.9% of residents inclined to spend more, while 61.4% prefer to save[15] - Structural issues such as housing, education, and healthcare costs continue to suppress consumer spending, necessitating deeper policy interventions[15] - To enhance long-term consumption capacity, policies must focus on stabilizing income expectations and reducing rigid expenditure pressures[19] Group 4: Future Policy Directions - The government aims to improve income distribution and social security systems to stabilize residents' income expectations and strengthen consumption capacity[23] - Enhancements to vacation policies are essential for activating long-term service consumption potential, with new regulations increasing holiday days starting January 1, 2025[20] - Coordinated policy measures are necessary to create a sustainable consumption environment, moving beyond short-term incentives to long-term structural improvements[23]

Group 1 - The core viewpoint emphasizes that the implementation of the old-for-new policy for consumer goods is crucial for boosting consumption and expanding domestic demand, serving as a "golden key" for economic growth and improving people's livelihoods [1][2]. Group 2 - The old-for-new policy has been expanded this year, including subsidies for new purchases of digital products such as smartphones, tablets, and smartwatches, and increasing the categories of appliances eligible for the program from 8 to 12. Additionally, 300 billion yuan has been allocated to support this initiative [2][3]. - Retail sales of household appliances, audio-visual equipment, communication devices, and furniture saw significant year-on-year growth in May, with increases of 53%, 33%, 30.5%, and 25.6% respectively, contributing to a 1.9 percentage point increase in total retail sales of consumer goods [2][3]. Group 3 - The old-for-new policy is driving explosive demand, leading to accelerated growth in related industries, particularly in green, smart, and high-quality products. In May, production of new energy vehicles, tablets, and electric bicycles increased by 31.7%, 30.9%, and 20.5% respectively [3][4]. Group 4 - There is a noticeable shift in consumer focus towards the performance and safety of products, moving from mere availability to quality. The old-for-new initiative aims to provide consumers with superior products, facilitating a quality upgrade in consumption and contributing to high-quality economic development [4].

广西：加力扩围支持汽车、家电、家装厨卫和电动自行车以旧换新以及3C数码产品的购新补贴 智通财经6月12日电，广西壮族自治区人民政府办公厅日前印发《广西提振消费专项行动实施方案》。 其中提到，加力扩围支持汽车、家电、家装厨卫和电动自行车以旧换新以及3C数码产品的购新补贴， 汽车报废更新补贴支持范围扩大到符合条件的国四排放标准燃油乘用车，家电、家装厨卫补贴品类分别 扩围至24类、48类，优化补贴申领审核流程。2025年，拉动重点商品销售额达到380亿元以上，推动老 旧营运货车报废更新4700辆、新能源城市公交车更新400辆、新能源城市公交车动力电池更新700辆，报 废更新老旧农业机械2500台套。 ...

Group 1 - The "old for new" policy has significantly boosted consumer goods sales, exceeding 1.1 trillion yuan, benefiting millions of families through fiscal subsidies [1] - The policy has particularly benefited inland provinces like Henan, enhancing rural markets and improving living standards for middle and low-income families [1][2] - Challenges have emerged with some localities suspending subsidies, which may affect consumer expectations and highlight the need for better policy continuity [1][2] Group 2 - Local governments face challenges in executing the "old for new" policy, including tight budgets and complex operational platforms [2] - There is a recommendation for phased implementation of fiscal subsidies to ensure continuity and predictability in the policy [2] - The effectiveness of fiscal policies in driving consumption depends not only on the amount of subsidies but also on their proper utilization and consumer protection [2][3] Group 3 - The current "old for new" policy is larger in scale and scope, focusing on green technology and actual consumer needs [3] - For the future, better utilization of fiscal funds, efficient local execution, and adherence to regulations by enterprises are crucial for sustained market recovery [3]

Core Viewpoint - The Xinjiang Uygur Autonomous Region has announced the suspension of the 2025 subsidy program for the replacement of consumer goods starting from June 15, 2023, due to the depletion of funds allocated for this initiative [1] Group 1: Policy Changes - The subsidy policies for automobile scrapping and updating, as well as for replacing household appliances, smartphones, electric bicycles, and home renovation, will be suspended from June 15, 2023, at 24:00 [1] - Consumers who purchased new cars before June 15, 2023, must submit their application materials by July 15, 2023, to be eligible for the automobile replacement subsidy [1] Group 2: Future Notifications - The timing for the resumption of these subsidy activities will be announced at a later date [1]