many places use special government bonds to promote consumption, and consumption recovery is expected in the second half of the year｜regional observation
2024-09-08
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
on september 5, the "implementation plan for shenzhen's ultra-long-term special government bond funds to further support the trade-in of consumer goods" (hereinafter referred to as the "plan") was released, supporting the trade-in of old goods for new ones in eight major areas including personal passenger cars, new energy buses, and home appliances and home furnishings.
in july this year, the national development and reform commission and the ministry of finance issued a document to arrange about 300 billion yuan of ultra-long-term special treasury bonds to increase support for large-scale equipment upgrades and consumer goods replacements. among them, about 148 billion yuan is used for large-scale equipment upgrades and about 150 billion yuan is used for consumer goods replacements. shenzhen's "plan" is one of the implementation versions of this action.
the goal of the plan is to achieve the replacement of approximately 70,000 vehicles with new ones, sales of approximately 1 million home appliances, renovation and replacement of approximately 51,000 home decoration and other products, renewal of approximately 250,000 electric bicycles, and renewal of approximately 1,300 operating trucks and city buses by the end of 2024.
this is actually the second round of large-scale old-for-new policy subsidies launched by shenzhen this year. from may to august, shenzhen has already launched a round of consumer electronics and home appliance purchase subsidies. this subsidy has the characteristics of greater product selection, more subsidies and more convenient purchase.
in terms of subsidized products, in addition to the 8 categories of home appliances clearly defined by the state and the 3 categories of products uniformly supported by the whole province of guangdong, shenzhen has added 6 new categories of products including consumer drones, consumer robots, 3c servers, projectors, smart sports equipment, and coffee machines.
in terms of subsidy ratio, the previous round of home appliance subsidy ratio was 10%, and the subsidy amount for a single product did not exceed 500 yuan. this time, the maximum subsidy ratio for home appliance replacement is 20%, and the maximum subsidy amount for a single product is 2,000 yuan. the maximum subsidy standard for scrapping and updating cars has been increased from 10,000 yuan to 20,000 yuan. the subsidy for replacing and updating passenger cars for individual consumers has been increased to a maximum of 16,000 yuan per vehicle on the basis of connecting with the existing car replacement and renewal subsidy activities.
the biggest difference is the source of subsidy funds - this time the subsidy funds are used for the ultra-long-term special treasury bonds issued uniformly by the state. according to relevant requirements, the central and local governments will share the support funds for this round of the old-for-new policy in accordance with the principle of 9:1, with the central government sharing 85%, 90% and 95% in the eastern, central and western regions respectively. shenzhen, as an eastern city, will arrange local matching funds at a ratio of 15%.
shenzhen is not the first place to implement this action. before it, guangdong (shenzhen is not included as a separately planned city), shanghai, hunan, zhejiang, qinghai, jiangsu and other places have introduced plans to use ultra-long-term special government bonds to increase support for large-scale equipment renewal and consumer goods replacement. similar to shenzhen, the new round of subsidy policies in various places have significantly increased the subsidy standards and expanded the scope of support.
for example, shanghai has made it clear in its plan that the subsidy for individual consumers to purchase new energy passenger cars will be increased from 10,000 yuan to 20,000 yuan, and the subsidy for purchasing fuel passenger cars with a displacement of 2.0 liters or less will be increased from 7,000 yuan to 15,000 yuan. at the same time, the subsidy standard for car trade-in will be increased, and the subsidy standard for eligible individual consumers to trade-in for pure electric passenger cars will be increased to 15,000 yuan; the subsidy standard for eligible individual consumers to trade-in for national vib fuel passenger cars will be increased to 12,000 yuan.
jiangsu province proposed in the plan to provide elderly-friendly renovation services to the elderly families in need and the elderly families in need in the province, and support the purchase of items and materials used for home-based elderly-friendly renovations in terms of "safety of toilet and bathing, convenience of indoor walking, improvement of home environment, follow-up of intelligent monitoring, and adaptation of assistive devices". elderly people in society pay 50% and receive a subsidy of 50%, with the upper limit of 3,000 yuan per household; elderly people in need receive a full subsidy based on actual expenditure within the 3,000 yuan limit per household.
local governments are actively implementing the arrangements for the use of ultra-long-term special government bond funds, which shows the urgent desire of local governments to stimulate and expand consumption. there are two obvious reasons behind this: on the one hand, using special government bond funds to support equipment renewal and the replacement of old consumer goods with new ones can effectively reduce the pressure on local funds; on the other hand, consumption growth will directly drive the development of related industrial chains, relieve pressure on local economies and stimulate vitality.
in the first seven months of this year, china's economic operation was generally stable, but the situation of insufficient effective domestic demand was still significant, and the foundation for economic recovery still needed to be consolidated. among them, in terms of consumption, the total retail sales of consumer goods was 27,372.6 billion yuan, a year-on-year increase of 3.5%, and there is still room for this growth rate. in particular, the poor performance of consumption in large cities deserves attention. the reporter of china business news noted that from the local data in the first seven months, among the top ten cities in terms of gdp, only suzhou (6.2%) and wuhan (5.4%) had a faster consumption growth rate than the national average. at the same time, the consumption growth rate of four cities was negative.
with the transformation and upgrading of china's economy, the importance of consumption in driving economic growth has become increasingly prominent. from the central economic work conference held at the end of last year, which clearly promoted large-scale equipment renewal and the replacement of old consumer goods with new ones, to the arrangement of ultra-long-term special treasury bonds to support this work, and the rapid implementation, it reflects the decision-makers' judgment on the current consumption situation and the importance they attach to expanding consumption and stabilizing growth.
during this year's national people's congress, zheng zhajie, director of the national development and reform commission, mentioned that according to preliminary estimates, equipment upgrades will be a huge market with an annual scale of more than 5 trillion yuan, and the replacement of automobiles and home appliances can also create a trillion-yuan market space. through government guidance to stimulate large-scale equipment upgrades and social consumption demand, it can directly drive the production and investment of related industries, which will have a multiplier effect on overall economic growth. experts believe that with the leverage of ultra-long-term special government bonds, the prospect of consumption picking up in the second half of the year and driving economic growth is promising.
(this article comes from china business network)
