今年以来，面对复杂严峻的内外部环境，我国宏观调控展现出高超的艺术性与精准性。其中，以发行超 长期特别国债为支撑，加力扩围实施的"两新"政策，成为稳定经济大盘、激发内需活力的关键一招。通 过构建高效的"财政+金融"协同机制，成功撬动了社会资本，优化了资源配置，为经济高质量发展注入 了强劲而持久的动能。 当前，我国经济正处于固本培元、转型升级的关键阶段。下一阶段，必须继续坚持问题导向和目标导 向，持续深化"财政+金融"的协同模式，将"两新"政策的效能推向新的高度。 从投资端看，财政贴息撬动信贷，设备更新激活有效投资。1月至8月，设备工器具购置投资同比增长 14.4%，拉动整体投资增长2.1个百分点。"两新"政策以财政资金为"支点"，通过贴息、补贴降低企业融 资成本，并引导金融机构设立专项再贷款，为银行提供风险缓释与收益保障，显著提升放贷意愿。 展望未来，随着第四批消费品以旧换新资金的落地，以及更多创新性金融工具的推出，政策效能有望进 一步接力释放。可以预见，在财金协同的持续驱动下，我国内需市场的巨大潜力将被更充分地激发，产 业升级的步伐将更加坚实，经济发展的内生动力与韧性将持续增强。 为强化协同，政策推出个人消费 ...

今年以来，面对复杂严峻的内外部环境，我国宏观调控展现出高超的艺术性与精准性。其中，以发行超 长期特别国债为支撑，加力扩围实施的"两新"政策，成为稳定经济大盘、激发内需活力的关键一招。通 过构建高效的"财政+金融"协同机制，成功撬动了社会资本，优化了资源配置，为经济高质量发展注入 了强劲而持久的动能。 从投资端看，财政贴息撬动信贷，设备更新激活有效投资。1月至8月，设备工器具购置投资同比增长 14.4%，拉动整体投资增长2.1个百分点。"两新"政策以财政资金为"支点"，通过贴息、补贴降低企业融 资成本，并引导金融机构设立专项再贷款，为银行提供风险缓释与收益保障，显著提升放贷意愿。 这一"财政贴息+银行信贷"模式形成正向激励循环。企业获低成本资金加速设备升级，提升效率与竞争 力；银行优化信贷结构，拓展优质资产，实现商业可持续。此举不仅拉动投资，更推动资本向高技术、 高效率领域优化配置，为制造业迈向中高端奠定坚实基础。 从消费端看，"两新"政策通过"补贴+金融"协同发力，有效激活即期需求。8月份，家用电器、家具、文 化办公用品等品类零售额均实现两位数增长，彰显政策成效。 （本文来源：经济日报 作者：肖宏伟 作者系国 ...

Group 1 - The State Council issued opinions to stimulate consumption potential and promote sustained recovery through 20 measures across five areas, including ensuring supply and stabilizing prices of basic consumer goods [1][3] - Emphasis on developing green consumption, including promoting prefabricated buildings, green building materials, and accelerating the development of energy-efficient home appliances and furniture [1] - Encouragement for large commercial enterprises and e-commerce platforms to extend services to rural areas, focusing on promoting brand and quality consumption, particularly in automobiles and home appliances [1] Group 2 - Increasing demand for services related to the elderly and children, with initiatives to develop smart elderly care products and services, as well as a comprehensive childcare service system [2] - Promotion of new consumption models by integrating online and offline channels, and fostering smart products and services across various sectors, including healthcare and home decoration [2] - Support for small and micro enterprises in the catering and retail sectors affected by the pandemic, including financial assistance and subsidies for epidemic prevention measures [2] Group 3 - Establishment of a robust supply chain for essential consumer goods, including logistics and storage facilities to ensure price stability and availability of daily necessities [3] - The timing of these consumption-promoting policies is seen as critical for achieving annual growth targets, with a comprehensive approach to support demand and improve the consumption market environment [3]

Group 1: Domestic Consumption Recovery - Since May, domestic consumption has shown a recovery trend, with the Ministry of Commerce planning to promote sustained recovery through measures such as stabilizing bulk consumption, optimizing consumption platforms, and organizing consumption promotion activities [1][2] - The Ministry of Commerce has introduced measures to stimulate automobile consumption and will work with relevant departments to ensure these policies are effectively implemented [2][3] - The organization of key events like the China International Consumer Products Expo aims to enhance consumer confidence and stimulate consumption potential [3] Group 2: Service Trade Growth - From January to May, China's service trade maintained steady growth, with total service trade reaching 23,653.6 billion yuan, a year-on-year increase of 22% [4] - Service exports amounted to 11,517.9 billion yuan, growing by 26.3%, while imports were 12,135.7 billion yuan, increasing by 18.2%, leading to a significant reduction in service trade deficit [4] - Knowledge-intensive service trade also showed stable growth, with imports and exports totaling 9,886.7 billion yuan, reflecting a 10% increase [4]

Group 1 - The core viewpoint of the articles highlights the vibrant consumption landscape in Suzhou, driven by various factors including policy incentives and innovative marketing strategies [1][2][4] - In the first half of the year, Suzhou's total retail sales of consumer goods reached 463.5 billion yuan, marking a year-on-year growth of 3.8%, with an increase of 0.9 percentage points compared to the first quarter [1][2] - The sales of essential consumer goods such as food, clothing, and daily necessities showed significant growth, with retail sales of grain and oil products increasing by 17.8%, clothing and footwear by 11.1%, and daily necessities by 28.0% [2] Group 2 - The implementation of policies such as trade-in programs and subsidies for energy-efficient appliances has catalyzed consumption upgrades, with sales of green home appliances rising by 51.5% and smart home devices by 26.6% [2][3] - The "Suzhou Super Night" themed market event attracted over 13,000 visitors, showcasing local delicacies and cultural products, further enhancing the city's consumption dynamics [4][5] - The introduction of new brands and stores in Suzhou has been significant, with approximately 100 new stores opening in the first half of the year, contributing to a sales increase of over 95% for refreshed brands [5][6] Group 3 - The "Su Products" initiative aims to enhance the competitiveness of local products in both domestic and international markets, with various trade events facilitating connections between manufacturers and retailers [6][7] - E-commerce in Suzhou has seen a remarkable increase, with online retail sales reaching 167.7 billion yuan, a year-on-year growth of 8.47%, and live-streaming e-commerce contributing significantly with sales of 59.3 billion yuan [8] - The city plans to continue its consumption stimulation efforts in the second half of the year, focusing on new growth points such as first-store economies and live-streaming e-commerce [8]

Core Insights - In the first half of 2025, China's total retail sales of consumer goods increased by 5.0% year-on-year, reflecting a recovery in consumer confidence supported by government policies [1] - Major cities like Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing are emerging as international consumption centers, contributing over 1/8 of the national consumption total [7] Group 1: National Consumption Trends - The retail sales growth is driven by the "old-for-new" policy, with significant increases in the sales of home appliances and communication equipment, all exceeding 20% year-on-year [1] - The nominal per capita disposable income of residents grew by 5.3%, while the actual growth was 5.4%, indicating a continuous improvement in residents' income [1] Group 2: City-Specific Developments - Shanghai has regained its status as the "Consumption First City," with a retail sales total of 8260.41 billion yuan, a year-on-year increase of 1.7% [2] - In Beijing, despite a decline in overall consumption, there is a notable potential for growth in fashion and new consumption models, supported by technology and cultural events [2] - Guangzhou is focusing on creating unique consumption experiences and enhancing its night economy, with initiatives like food festivals and e-commerce events [3] - Chongqing has emerged as a new "Consumption First City," with retail sales reaching 4204.32 billion yuan, a year-on-year increase of 4.1% [4] Group 3: International Consumption Center Development - The international dimension emphasizes the need for an open environment and improved international reception capabilities to enhance consumption levels [5] - The consumption dimension focuses on upgrading supply and demand, promoting green and intelligent products, and expanding service-oriented consumption [6] - The center dimension aims to enhance resource aggregation and regional consumption upgrades, while the city dimension focuses on improving the overall consumption environment [6] Group 4: Future Outlook - The ongoing development of international consumption centers is expected to play a crucial role in boosting domestic demand and promoting high-quality development [7] - Future strategies include strengthening the "first launch economy," optimizing the international consumption environment, and enhancing urban communication capabilities [7]

Economic Performance - In the first half of the year, China's GDP reached 66.05 trillion yuan, with a year-on-year growth of 5.3%, laying a solid foundation for achieving the annual target of around 5% [1] - The economic performance exceeded external expectations, driven by the "old-for-new" policy that boosted consumption and resilient foreign trade [1][3] - However, investment growth slowed in the second quarter, indicating a need for enhanced macroeconomic policies in the second half [1] Economic Structure and Growth Potential - The growth rate of 5.3% reflects the resilience of the Chinese economy, with significant contributions from high-tech manufacturing and the digital economy [3] - The proportion of traditional sectors like real estate is declining, while new growth drivers are emerging, such as high-tech manufacturing, which saw a 9.5% increase in value-added output [3] - There is potential for exceeding the annual GDP growth target if external conditions, such as US-China trade negotiations, remain favorable [3] Consumption and Investment Strategies - To stimulate economic growth, there is a focus on enhancing internal economic momentum and boosting consumer demand, particularly in service consumption as residents' income levels rise [3][5] - Recommendations include optimizing subsidy structures for consumption, controlling subsidy distribution to prevent demand vacuums, and expanding the scope of subsidies to include service consumption [5] - Long-term strategies involve improving residents' income and consumption capabilities, enhancing social security systems, and shifting consumer attitudes towards spending [5][9] Real Estate Market Dynamics - The real estate market has shown signs of stabilization, but recent data indicates a renewed decline in housing prices and sales since April [10] - The government is expected to increase support for the real estate sector in the second half of the year to stabilize the market [10] - Innovative financial models are suggested, including asset securitization of existing housing, special bond financing for local governments, and green finance initiatives to support sustainable development in real estate [11]

Group 1 - The retail sales of consumer goods in Henan province reached 1.42 trillion yuan, with a year-on-year growth of 7.2%, surpassing the national average by 2.2% [1] - The demand for green and smart home appliances has increased significantly, with sales of energy-efficient appliances rising by 41.24% and communication equipment by 208% in the first half of the year [2] - The local brand "Mixue Ice City" has expanded globally with over 36,000 stores, showcasing the strength of Henan's consumer brands [2] Group 2 - The province has actively promoted consumption through various initiatives, including the "New Year Consumption Season" and the development of "night economy" districts [1] - The retail sales of limited above units increased by 13.5% year-on-year, while the catering revenue grew by 9.1% [2] - The growth in consumer spending is driving the development of local industries, with more green and smart products entering households [2]

Core Viewpoint - The article discusses the ongoing consumer enthusiasm for the "National Subsidy" (国补) program for replacing old products with new ones, despite some temporary issues in certain regions regarding subsidy claims. It emphasizes that the program is still active and beneficial for consumers across most provinces [1][3]. Group 1: National Subsidy Program Status - Discussions on the temporary unavailability of "National Subsidy" in regions like Chongqing, Jiangsu, and Hubei have gained attention on social media [2]. - Official responses from local departments confirm that the "National Subsidy" program has not been canceled, and it continues to operate with certain limitations [3]. - The program is designed to stimulate consumer spending and has shown strong demand, indicating its effectiveness in boosting market activity [4]. Group 2: Funding and Implementation - The total funding for the "National Subsidy" program has increased to 3000 billion yuan this year, doubling from the previous year's 1500 billion yuan [4][5]. - The distribution of these funds is based on various factors, including population, GDP, and previous subsidy execution, ensuring that effective regions receive more support [5]. - Local governments are also expected to contribute additional funds to sustain the program, which is set to continue benefiting consumers throughout the year [5][6]. Group 3: Impact on Consumer Behavior - The "National Subsidy" program has significantly boosted sales in various categories, with notable figures such as 3.358 million units sold in Hubei, generating a total sales amount of 41.483 billion yuan [7]. - As of May 31, the program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued directly to consumers [7]. - The policy not only enhances sales but also promotes structural upgrades in consumer goods and related industries [7].

Core Viewpoint - The article addresses the ongoing discussions regarding the temporary unavailability of the "national subsidy" (国补) for the old-for-new consumption policy in certain regions, clarifying that there is no cancellation of the subsidy and that the program continues to operate effectively across most provinces [4][5][6]. Group 1: Current Status of National Subsidy - Discussions on the temporary unavailability of "national subsidy" in regions like Chongqing, Jiangsu, and Hubei have gained attention on social media [2][3]. - Official responses from Jiangsu and Chongqing confirm that the "national subsidy" policy has not been suspended, with Jiangsu clarifying that the subsidy operates under a limit management system [4][5]. - Hubei's subsidy program is confirmed to run throughout 2025, with daily limited issuance of qualification vouchers for certain products [5]. Group 2: Implementation and Funding - The "old-for-new" consumption policy is a significant initiative at the national level, with local governments having some autonomy in its implementation details [6]. - The total funding for the subsidy has doubled from 150 billion yuan last year to 300 billion yuan this year, with funds allocated based on various regional factors [8][9]. - As of May 31, 2025, the five major categories of the "old-for-new" program have generated sales of 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers [13]. Group 3: Impact and Future Outlook - The policy has been effective in stimulating consumption and upgrading product structures, with significant sales figures reported in various provinces [12][13]. - Experts suggest that with ongoing funding and policy optimization, the "old-for-new" program is expected to continue benefiting consumers and driving economic activity [12][13].