Group 1 - The core focus of China's economic policy for 2026 is to expand domestic demand, with a significant emphasis on optimizing the implementation of "two new" policies (large-scale equipment updates and consumer goods replacement) to stimulate demand [1] - The National Development and Reform Commission (NDRC) has issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies, optimizing support scope, subsidy standards, and implementation mechanisms [1] - A total of 62.5 billion RMB in special bonds will be allocated in advance to support the consumer goods replacement program, indicating a proactive policy approach [1] Group 2 - The early release of the 2026 "two重" construction project list and central budget investment plan amounts to approximately 295 billion RMB, with an accelerated pace of fund allocation and usage [2] - The NDRC has approved several major infrastructure projects, including the Guangzhou New Airport and the Sichuan Dadu River Danba Hydropower Station, with total investments exceeding 400 billion RMB [2] - The National Venture Capital Guidance Fund has officially started operations, with an initial investment of 100 billion RMB from special bonds, aiming to attract local and social capital for a total investment scale exceeding 1 trillion RMB [2] Group 3 - The revised "Encouragement Directory" now includes 1,679 entries, an increase of 205 from the 2022 version, promoting foreign investment in advanced manufacturing, modern services, and high-tech sectors [3] - The expansion of the "Encouragement Directory" effectively addresses the concerns of foreign enterprises and optimizes the directional guidance for foreign investment [3] - Recent policy coordination is expected to strengthen the foundation for economic recovery, with a focus on nurturing new productive forces and promoting long-term development [3]

Group 1: Policy Announcements - The National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, specifying support areas, subsidy standards, and work requirements [1] - The policy for replacing consumer goods continues to include subsidies for scrapping and replacing cars, as well as for old appliances, focusing on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2] - The Ministry of Finance and the State Taxation Administration announced a new policy on the value-added tax for individuals selling residential properties, effective January 1, 2026, with a 3% tax rate for properties sold within two years and exemption for properties sold after two years [3] Group 2: Housing and Loan Adjustments - For housing provident fund loans issued before May 8, 2025, the interest rate will be reduced by 0.25 percentage points starting January 1, 2026, with new rates set at 2.1% for loans of five years or less and 2.6% for loans over five years for first-time homebuyers [5] - The interest rates for second home loans will also be adjusted, with rates not lower than 2.525% for loans of five years or less and 3.075% for loans over five years [5] Group 3: Education and Childcare Policies - A joint notice from the National Development and Reform Commission, the Ministry of Education, and the Ministry of Finance outlines the fee structure for kindergartens, effective January 1, 2026, including government-guided pricing for non-profit kindergartens and market-regulated pricing for for-profit kindergartens [7] Group 4: New Energy Vehicle Policies - The Ministry of Finance and the State Taxation Administration announced a continuation and optimization of the vehicle purchase tax exemption policy for new energy vehicles, with a 50% tax reduction for purchases made between January 1, 2026, and December 31, 2027, and a maximum tax reduction of 15,000 yuan per vehicle [8] - New technical requirements for electric and hybrid vehicles will be implemented starting January 1, 2026, including a minimum all-electric range for plug-in hybrid vehicles [8]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have announced a new policy for 2026 aimed at promoting large-scale equipment upgrades and the replacement of consumer goods, with a total funding plan of 62.5 billion yuan allocated for the first batch of special long-term bonds to support these initiatives [1] Group 1: Policy Optimization - The 2026 "Two New" policy has optimized three main areas: support scope, subsidy standards, and implementation mechanisms [2][3][4] - In terms of support scope, the policy continues to support equipment updates in various sectors, including the addition of elevators in old residential areas and equipment updates in elderly care institutions [2] - The policy also focuses on key consumer goods for replacement, including cars and six categories of home appliances, while expanding the subsidy for digital and smart products [2] Group 2: Subsidy Standards - The subsidy standards for equipment updates have been adjusted, with a shift from fixed subsidies to tiered subsidies based on the number of elevator stops for residential elevators [3] - For vehicle replacement, the policy maintains the upper limit for subsidies while changing the structure to a percentage of the vehicle price, with specific caps for electric and fuel-efficient vehicles [3] Group 3: Implementation Mechanisms - The implementation mechanisms have been optimized to lower the investment threshold for project applications and enhance support for small and medium-sized enterprises [4] - The policy includes measures to prevent fraudulent claims and ensures a unified subsidy standard across the country for various consumer goods [4] - The NDRC plans to strengthen coordination and monitoring to ensure the effective execution of the policy and the orderly use of subsidy funds [4]

中新社北京1月1日电 (记者 王恩博)岁序更替之际，市场高度关注中国经济政策如何衔接。抓住这一关 键时间窗口，近期各方面靠前发力，以"真金白银"传递政策确定性。 新一年中国经济重点任务清单上，扩大内需仍居前列。其中，优化实施"两新"(大规模设备更新和消费 品以旧换新)，被视为进一步激活需求的重要抓手。 2026年提前批"两重"建设(国家重大战略实施和重点领域安全能力建设)项目清单和中央预算内投资计划 已于2025年底提前下达，共计约2950亿元，各类资金拨付和使用节奏将加快。国家发改委近期还批复或 核准多个重大基础设施项目，包括广州新机场、新建湛江至海口跨海轮渡及相关线路工程等交通设施， 浙江特高压交流环网工程、四川大渡河丹巴水电站等能源设施等，总投资超4000亿元。 备受关注的国家创业投资引导基金亦于2025年12月26日正式启动运行，由超长期特别国债出资1000亿 元，并采取"子基金+直投"方式，吸引地方和社会资本共同出资，预计将形成超万亿元投资规模。 据介绍，引导基金将聚焦原创性、颠覆性技术创新和关键核心技术攻关，坚持投早、投小、投长期、投 硬科技，并给予更加灵活的退出安排，推动战略性新兴产业特别是未来 ...

Core Viewpoint - The implementation of the old-for-new consumption policy since 2025 has significantly boosted sales in various sectors, particularly in automobiles and home appliances, benefiting a large number of consumers [1] Group 1: Policy Implementation and Impact - The Ministry of Commerce, along with regional and relevant departments, has effectively executed the old-for-new consumption policy since 2025, resulting in remarkable outcomes [1] - In 2025, sales related to the old-for-new policy exceeded 2.6 trillion yuan, benefiting over 360 million people [1] - The policy has led to the replacement of over 11.5 million old cars, 129 million home appliances, 9.1 million digital products, and 12 million home renovation items [1] Group 2: Consumer Subsidies and Product Quality - Since the comprehensive implementation of the policy in September 2024, over 480 million direct subsidies have been issued to consumers [1] - A significant number of green, low-carbon, and smart new products have entered the market, enhancing consumer lifestyles [1] - In 2025, for every two new household cars sold, one benefited from the old-for-new subsidy, indicating strong consumer uptake [1] Group 3: Electric Bicycle Replacement - The replacement of old electric bicycles has increased to more than nine times the volume seen in 2024, highlighting a shift towards newer models [1] - The new electric bicycles comply with current national standards and possess product quality certificates, ensuring higher safety [1] - Approximately 90% of the replaced electric bicycles are equipped with safer lead-acid battery vehicles [1]

Core Insights - In 2025, China's trade-in sales exceeded 2.6 trillion yuan, benefiting over 360 million people [1] - The automotive trade-in program saw over 11.5 million vehicles exchanged, with nearly 60% being new energy vehicles [1] - Retail sales of consumer goods grew by 4.0% year-on-year, with trade-ins contributing over 1 percentage point to this growth [1] Automotive Sector - The trade-in program for automobiles resulted in a significant increase in new energy vehicle market share, surpassing 50% for nine consecutive months, reaching 59.4% in November [1] - The volume of scrapped vehicles increased by 24.5% year-on-year, leading to the recycling of approximately 9.6 million tons of steel and 1.3 million tons of non-ferrous metals [1] Home Appliances Sector - The trade-in program for home appliances exceeded 129 million units, with over 90% of new products being first-class energy efficiency [1] - Retail sales in the home appliance sector surpassed 1 trillion yuan, marking a historical high [1] Consumer Behavior - More consumers are opting for in-store experiences and subsidies, leading to increased cross-scenario consumption in leisure and dining [1] - In areas with concentrated home appliance trade-in stores, surrounding merchant consumption increased by over 30% year-on-year [1]

Group 1 - The National Development and Reform Commission and the Ministry of Finance announced a policy for large-scale equipment updates and consumer goods replacement starting in 2026, focusing on various sectors including old residential areas, safety equipment, and consumer infrastructure [1] - The policy includes subsidies for replacing old cars and household appliances, specifically targeting six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, as well as expanding subsidies for digital and smart products [1] Group 2 - The Ministry of Finance and the State Taxation Administration issued a notice regarding the value-added tax policy for individuals selling residential properties, effective January 1, 2026, with a 3% tax rate for properties held for less than two years and exemption for those held for two years or more [2] Group 3 - For housing provident fund loans issued before May 8, 2025, the interest rates will be reduced by 0.25 percentage points starting January 1, 2026, with new rates set at 2.1% for loans under five years and 2.6% for loans over five years for first-time buyers [4] Group 4 - A joint notice from the National Development and Reform Commission, the Ministry of Education, and the Ministry of Finance outlines the kindergarten fee policy effective January 1, 2026, detailing the types of fees that can be charged and the pricing mechanisms for different types of kindergartens [6] Group 5 - The Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology announced a continuation and optimization of the vehicle purchase tax exemption policy for new energy vehicles, effective from January 1, 2026, with a tax reduction of up to 15,000 yuan per vehicle [7]

【#2025年以旧换新惠及超3.6亿人次#】#2025手机等数码产品购新超9100万部#据商务部消息，2025年 以来，商务部与各地区、各相关部门一道，深入贯彻落实党中央、国务院决策部署，扎实有序推进实施 消费品以旧换新政策，取得显著成效。2025年，以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人 次。其中，汽车以旧换新超1150万辆，家电以旧换新超1.29亿件，手机等数码产品购新超9100万部，家 装厨卫"焕新"超1.2亿件，电动自行车以旧换新超1250万辆。 ...

转自：京报网_北京日报官方网站 #2025以旧换新惠及超3.6亿人次#【#2025以旧换新商品销售额超2.6万亿元#】#2025电动自行车以旧换新 超1250万辆#2025年以来，商务部与各地区、各相关部门一道，深入贯彻落实党中央、国务院决策部 署，扎实有序推进实施消费品以旧换新政策，取得显著成效。2025年，以旧换新相关商品销售额超2.6 万亿元，惠及超3.6亿人次。其中，汽车以旧换新超1150万辆，家电以旧换新超1.29亿件，手机等数码产 品购新超9100万部，家装厨卫"焕新"超1.2亿件，电动自行车以旧换新超1250万辆。具体看：一是支撑 消费持续扩大。1—11月，社会消费品零售总额同比（下同）增长4.0%，较上年同期加快0.5个百分点， 以旧换新带动社零总额增长超1个百分点；家电零售额已超2024年全年，突破万亿元大关并创历史新 高。二是牵引产业提质升级。汽车以旧换新中，新能源汽车占比近60%，带动新能源乘用车零售市场份 额连续9个月超过50%，其中11月份达59.4%。家电以旧换新中，一级能效（水效）产品占比超90%。通 讯器材类商品销售额连续11个月保持增长。三是促进经济绿色转型。2025年，报废 ...

Group 1: Equipment Updates - The government is increasing investments in updating equipment for old residential elevators and elderly care institutions, as well as enhancing safety equipment for fire rescue and inspection [3][7]. - There is a focus on updating equipment in consumer infrastructure, including commercial complexes, shopping centers, department stores, and large supermarkets [3]. Group 2: Consumer Goods Trade-In - The initiative aims to concentrate resources on key consumer goods with a broad coverage and strong driving effect, enhancing the "subsidy rate" [4][8]. Group 3: Subsidy Standard Optimization - The subsidy for updating old residential elevators will shift from a fixed amount to a tiered subsidy based on the number of elevator floors [7]. - The subsidy for scrapping old operational trucks will prioritize support for electric truck replacements [7]. - The automotive subsidy will remain capped but will transition from a fixed amount to a percentage of the vehicle price [9][11]. Group 4: Appliance Trade-In Adjustments - The subsidy for home appliances will be adjusted to cover products with a 1st-level energy efficiency or water efficiency rating, providing 15% of the product's final sale price, with a cap of 1,500 yuan per item [14]. - The eligible appliances include refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, with a limit of one subsidy per person per category [14]. Group 5: Digital and Smart Product Subsidies - The subsidy for digital and smart products remains unchanged, covering items with a sales price not exceeding 6,000 yuan, providing 15% of the final sale price, capped at 500 yuan per item [17]. Group 6: Implementation Mechanism Optimization - The project application mechanism and review process will be optimized to lower the investment threshold for project applications, increasing support for small and medium-sized enterprises [18][19]. - The funding distribution method will be improved, and strict measures will be taken against fraudulent subsidy claims and illegal practices [20].