CCTV News: According to the WeChat official account of the National Development and Reform Commission, in order to conscientiously implement the decisions and deployments of the CPC Central Committee and the State Council, on January 5, 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on the Implementation of Large-scale Equipment Updates and Consumer Goods Exchange Policy in 2025", and worked with relevant departments to speed up the issuance of implementation rules in different fields, timely issue ultra-long-term special treasury bond funds, and accelerate the implementation of the "two new" policy of increasing expansion. From January to February, the "two new" policies further made effective efforts, driving the purchase of equipment, tools and equipment to increase by 18% year-on-year, and the total retail sales of consumer goods increased by 4% year-on-year, and continued to play an important role in expanding consumption, stabilizing investment, promoting transformation, and benefiting people's livelihood.

1. Effectively stimulate consumption vitality. The scale of funds for the exchange of old-for-new consumer goods by ultra-long-term special treasury bonds increased to 300 billion yuan. The first batch of 81 billion yuan was issued on January 6, continuing the work foundation in 2024, and expanding the scope to support the purchase of new digital products such as mobile phones, tablets, smart watches and bracelets. From January to February, more than 1.07 million cars traded in old cars, driving new car sales to 116.5 billion yuan; domestic passenger car retail volume increased by 1.2% year-on-year, of which 26% year-on-year in February. The number of home appliances for old-for-new applications exceeded 20 million units, and the retail sales of home appliances in units above the limit reached 153.7 billion yuan, an increase of 10.9% year-on-year. Consumers' sales of purchasing level 1 energy-efficient home appliances accounted for 80% of the total home appliance sales. The effect of new mobile phone purchase subsidies is particularly impressive. The retail sales of communication equipment products of units above the limit increased by 26.2% year-on-year. The sales and sales of mobile phones below 6,000 yuan reached 44.22 million units and 112.6 billion yuan respectively, equivalent to the average daily sales and sales of about 750,000 units and 1.9 billion yuan, an increase of 8.8% and 19.3% year-on-year. The number of electric bicycles for new ones reached 1.17 million, driving sales of new cars to 3.5 billion yuan.

2. Continue to drive investment growth. The coverage of the equipment upgrade of 200 billion yuan of ultra-long-term special treasury bond funds this year will be further expanded to electronic information, production safety, facility agriculture, grain and oil processing and other fields, and the project application and review will be organized and the research and promotion of loan interest subsidies will be accelerated. Driven by the "two new" policies, from January to February, the national investment in equipment and equipment purchases increased by 18% year-on-year, accelerating by 2.3 percentage points compared with the whole year of 2024 and 13.9 percentage points higher than all investments. The contribution rate to the growth of all investments was 62.3%, driving the growth of all investments by 2.6 percentage points. Among them, investment in technical transformation of manufacturing industries closely related to the "two new" increased by 10%, an increase of 2 percentage points compared with 2024; investment in consumer goods manufacturing increased by 12.8%, 3.8 percentage points higher than that of all manufacturing investment.

3. Accelerate the smooth economic cycle. In terms of driving the production of important products, from January to February, the added value of automobile manufacturing above designated size increased by 12.0% year-on-year, while the output of automobiles, new energy vehicles and charging piles increased by 13.9%, 47.7% and 32.2% respectively; the added value of home appliance manufacturing above designated size increased by 10.1% year-on-year, and the output of refrigerators, washing machines and other products showed double-digit growth. In addition, the added value of industries such as railway transportation equipment manufacturing, urban rail transit equipment manufacturing, and agricultural, forestry, animal husbandry and fishery special machinery manufacturing increased by 28.1%, 23.7% and 9.9% year-on-year, and the output of soil tillage machinery, medical instruments and equipment, and special equipment for agricultural product processing increased by 46.3%, 19.4% and 16.4% respectively. In terms of accelerating the recycling and utilization of important resources, from January to February, nearly 1,400 new intelligent community recycling facilities were added nationwide. Since the implementation of the "two new" policies last year, more than 12,000 have been added; the recycling volume of scrapped cars increased by 50.1% year-on-year, of which 188.2% year-on-year in February, a record high; the recycling volume of scrap steel is about 37 million tons, and the total output of recycled copper, aluminum, lead and zinc is about 3 million tons, a steady increase year-on-year.

4. Steadily improve the standard level. From January to February, 13 new national standards in the field of "two new" were issued; as of now, of the 294 national standards formulated and revised in 2024 and 2025, a total of 185 have been released. In terms of equipment updates, 85 national standards such as energy consumption limits, equipment energy efficiency, pollutants and carbon emissions have been issued to support industrial transformation and upgrading. In terms of exchanging consumer goods for new products, 57 national standards for home appliances, home furnishings, automobiles, kitchen and bathroom utensils have been issued to ensure the quality and safety of consumer goods. In terms of recycling and recycling, 43 national standards have been issued, including waste automotive power batteries, waste electrical and electronic products, and retired photovoltaic module recycling, supporting the high-level recycling of waste product equipment.