The "two new" policies have achieved significant results in the first three quarters

Taking advantage of the national subsidy policy and e-commerce platform discounts, I will buy a few 'big items' for my family. Recently, several e-commerce platforms are promoting Double 11, and Beijing resident Zheng Yi ordered products such as floor cleaning robots and three tube washing machines.

This year, relevant departments have allocated 300 billion yuan of ultra long term special treasury bond funds to local governments in four batches to support the expansion of consumer goods in exchange for new. In the first three quarters, the consumer market grew steadily, with the total retail sales of consumer goods reaching 36.59 trillion yuan, a year-on-year increase of 4.5%, which was 1.0 percentage point faster than the whole year of last year; The per capita consumption expenditure of residents was 21600 yuan, an increase of 4.6%; The contribution rate of final consumption expenditure to economic growth is 53.5%.

The sales of goods related to trade in have maintained rapid growth. In September, the retail sales of communication equipment, furniture, and cultural office supplies for units above designated size increased by 16.2%, 16.2%, and 6.2% respectively. The retail sales of passenger cars reached 2.241 million units, an increase of 6.3%. As of October 22nd, the number of applications for car trade in subsidies this year has exceeded 10 million. The development of new types of consumption such as digital and green is improving, with sales of smart wearable devices and floor cleaning robots increasing by over 15% in September. The retail sales of new energy passenger vehicles reached 1.296 million units, an increase of 15.5%, and the penetration rate reached 57.8%.

Expanding domestic demand comprehensively requires not only boosting consumption, but also maintaining reasonable investment growth and improving investment efficiency.

Intelligent robots are on duty in the workshop; On the road, new energy buses with zero emissions and low noise are launched; In the community, water supply pipe network renovation, residential elevator renovation... This year, the capital scale of ultra long term special treasury bond to support equipment renovation increased to 200 billion yuan, and the scope of support expanded to electronic information, safety production, facility agriculture and other fields; Timely introduction of fiscal and financial policies, a series of combination measures to ensure sufficient policy intensity and good results.

The relevant person in charge of the National Development and Reform Commission introduced that the overall screening and control of equipment renewal projects in key areas are carried out through "local review and national review", simplifying the application and approval process.

Guangdong Midea Refrigeration Equipment Co., Ltd. applies for a refrigeration product research and development and production equipment upgrade technology transformation project, with a total investment of 400 million yuan and policy subsidies of 60 million yuan, with a support ratio of 15%. The entire process of online application, from submitting the application to receiving the funds, only took more than three months, "said Wen Jiankang, director of the company's Science and Technology Policy Office. After the automation equipment was put into operation, production efficiency was improved and equipment failure rates were reduced.

As of the first half of this year, the penetration rate of digital R&D and design tools in industrial enterprises above designated size has reached 85.4%, and the CNC rate of key processes has reached 67.7%. Large scale equipment updates have become an important means for industrial enterprises to improve product quality, enhance production efficiency, and shape competitive advantages.

This year, the investment subsidy fund for equipment renewal supported by ultra long term special treasury bond has supported about 8400 projects, driven the total investment of more than 1 trillion yuan, and the capital crowding effect reached 1:5.3. In the first three quarters, investment in the purchase of equipment and tools increased by 14.0% year-on-year, driving a total investment growth of 2.0 percentage points and maintaining double-digit growth.

The large-scale equipment updates and the policy of exchanging old for new consumer goods are driving domestic demand and benefiting enterprises and the people. Ensuring that subsidy funds are used effectively and see tangible results is crucial for policy implementation. The relevant person in charge of the National Development and Reform Commission stated that they will organize local governments to reasonably grasp the work pace, improve the plan for the use of funds, balance and orderly expenditure of subsidy funds, strengthen product quality and price supervision, severely crack down on illegal and irregular behaviors such as fraudulent subsidies, and smoothly and orderly implement the policy of exchanging old for new consumer goods; Solidly advance project construction, promote the formation of more physical workloads as soon as possible, strictly manage projects and funds in a closed loop, and better leverage the effectiveness of large-scale equipment updates to stabilize investment, expand consumption, promote transformation, and benefit people's livelihoods policies.

[Editor's Review]

The proposal for the 15th Five Year Plan proposes to adhere to the strategic basis of expanding domestic demand. The "two new" policies have been implemented for more than a year, and have achieved significant results in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods: exchanging old for new to generate diversified consumer demand, and updating equipment to assist industrial transformation and upgrading.

During the 15th Five Year Plan period, it is believed that with the effective implementation of various policies, there will be a positive interaction between consumption and investment, supply and demand. The role of domestic demand as the driving force for economic growth will continue to strengthen, and the advantages of a super large market will continue to emerge.