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300 billion yuan of national debt funds have been fully allocated, which concerns the "two new things", the latest statement from the national development and reform commission

2024-09-23

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on september 23, the national development and reform commission held a special press conference to introduce the overall progress and results of the large-scale equipment renewal and consumer goods trade-in policy (also known as the "two new" policy).

at the meeting, zhao chenxin, member of the party leadership group and deputy director of the national development and reform commission, zhao changsheng, deputy director of the economic construction department of the ministry of finance, and peng lifeng, director of the credit market department of the people's bank of china, responded to hot issues such as the progress of the use of treasury bond funds, supporting fund arrangements, and future inter-ministerial coordination. let's take a look at the key points of the press conference:

1. currently, 300 billion yuan of treasury bond funds have been fully allocated;

2. the equipment renewal projects currently pushed have basically achieved "full coverage" of financing docking and due diligence, with a cumulative signed loan amount of 230 billion yuan and a weighted average interest rate of 3.1%, which is 25 basis points lower than the 1-year lpr rate (3.35%);

3. the ministry of finance has allocated rmb 20 billion in interest subsidies for equipment renewal loans, and has disbursed the first batch of rmb 8 billion in interest subsidies;

4. further strengthen fund supervision and management, and work with relevant departments to severely deal with acts of subsidy fraud, subsidy duplication, and misappropriation of funds in some places in accordance with the law.

300 billion yuan of national debt funds have been fully allocated

zhao chenxin introduced that the 300 billion yuan of national debt funds to support the "two new" work have been fully allocated.

specifically, in terms of equipment renewal, the national development and reform commission, together with relevant departments, optimized the support methods and simplified the approval process in accordance with the principle of "local review and national re-examination", and screened out more than 4,600 qualified equipment renewal projects. the 150 billion yuan of national debt funds in the field of equipment renewal have been allocated to the projects in two batches in accordance with relevant regulations and procedures. in terms of old-for-new consumer goods, the national development and reform commission, together with the ministry of finance, comprehensively considered factors such as the permanent population, regional gdp, and the number of cars and home appliances in various regions to reasonably determine the scale of financial support. the 150 billion yuan of national debt funds in the field of old-for-new consumer goods have been fully allocated to local governments since early august.

in march this year, the state council issued the "action plan to promote large-scale equipment updates and trade-in of old consumer goods", which made comprehensive arrangements for the "two new" work; in july, with the approval of the state council, the national development and reform commission and the ministry of finance jointly issued the "several measures on further supporting large-scale equipment updates and trade-in of old consumer goods" (hereinafter referred to as the "measures"), which clearly stated that the national development and reform commission will take the lead in arranging about 300 billion yuan of ultra-long-term special treasury bonds to further support the "two new" work.

equipment renewal projects have basically achieved "full coverage" of financing docking

in terms of financial support, in april this year, the people's bank of china, together with the national development and reform commission and other departments, created a re-loan for scientific and technological innovation and technological transformation, with a scale of 500 billion yuan and an interest rate of 1.75%. among them, 100 billion yuan was allocated to support the "first loan" of start-up and growth-stage technology-based smes; 400 billion yuan was allocated to support equipment renewal and technological transformation projects in key areas, and it was emphasized that priority support would be given to related projects reported by smes.

peng lifeng said that since the implementation of the re-lending policy tool, relevant departments have pushed three batches of 13,000 alternative projects to banking institutions; the equipment renewal projects currently pushed have basically achieved "full coverage" of financing matching and due diligence, with a total signed loan amount of 230 billion yuan and a weighted average interest rate of 3.1%, 25 basis points lower than the one-year lpr rate (3.35%).

"according to our statistics, 70% of the funds are used to support small and medium-sized enterprises." peng lifeng said that in the next step, more projects of private enterprises, small and medium-sized enterprises, and agricultural entities should be included in the shortlist, and measures such as increasing support for financing guarantees and risk compensation should be taken to make good use of re-loans for scientific and technological innovation and technological transformation, and vigorously support technological transformation and equipment renewal projects in key areas.

in terms of fiscal support, in addition to the timely issuance of ultra-long-term special government bonds, zhao changsheng also pointed out that the ministry of finance has allocated the first batch of equipment renewal loan interest subsidy funds.

"the central finance has optimized the fund application process and allocated interest subsidy funds to provincial finances in advance. provincial finances allocate interest subsidy funds to banks on a quarterly basis. banks directly deduct the funds when collecting interest, and business entities can enjoy preferential interest rates without having to apply." zhao changsheng said that the ministry of finance has arranged 20 billion yuan in interest subsidy funds for equipment renewal loans, and has currently allocated the first installment of 8 billion yuan in interest subsidy funds to boost the enthusiasm of business entities for equipment renewal and accelerate equipment renewal and technological transformation.

according to the measures, the central government’s interest subsidy will be increased from 1 percentage point to 1.5 percentage points, the subsidy period will be 2 years, and the total subsidy amount will be 20 billion yuan.

the work of "two new" has gradually achieved significant results

zhao chenxin used a series of data to show the significant results achieved by the current "two new" work in stimulating investment, promoting consumption, promoting industrial development, improving people's livelihood, and supporting green transformation. specifically:

in the first eight months, investment in equipment and tools increased by 16.8%, 13.4 percentage points higher than total fixed asset investment (excluding farmers), and its contribution to total investment growth reached 64.2%, 3.5 percentage points higher than the previous seven months.

in the first eight months, investment in equipment manufacturing, consumer goods manufacturing, and raw materials manufacturing increased by 10%, 14.9%, and 9%, respectively;

in the first eight months, investment in the electricity, heat, gas and water production and supply industries, which are closely related to municipal construction, increased by 23.5%;

in august, the national passenger car retail sales volume was 1.905 million units, a significant increase of 10.8% month-on-month; among them, the retail sales volume of new energy vehicles was 1.027 million units, a significant increase of 17% month-on-month;

from august 26 to september 21, the sales of refrigerators, washing machines, televisions, air conditioners, computers and other home appliances on jd.com increased by 128.8%, 86.3%, 130.6%, 240.5% and 52.2% year-on-year respectively. the growth rate of these five categories of appliances was at least 52.2%, which was very significant.

from august 26 to september 8, the online sales of class 1 energy-efficient refrigerators, air conditioners, washing machines, televisions, and gas water heaters increased by 54.6%, 140.2%, 31.8%, 396.2%, and 78.41% year-on-year, respectively, which was much faster than the overall level of home appliances in the same category.

in august, the added value of manufacturing industries such as ships and related equipment, urban rail transit equipment, and communication equipment increased by 23%, 17.1%, and 10.3% year-on-year respectively;

in august, the output of new energy vehicles and charging piles increased by 30.5% and 97% year-on-year respectively, and the penetration rate of new energy vehicles reached 53.9%, exceeding 50% for two consecutive months; it is expected that 2 million low-emission standard passenger cars will be phased out throughout the year;

in the first eight months, the country added more than 5,900 intelligent community waste recycling facilities, and the number of scrapped vehicles recycled was 4.21 million, a year-on-year increase of 42.4%.

zhao chenxin said that in the next step, the national development and reform commission will work with relevant departments to further strengthen the progress scheduling and supervision. at present, the environmental protection department of the national development and reform commission schedules the situation every week, summarizes and analyzes the current problems in real time, and finds ways to study and solve them. in the future, the national development and reform commission will report the progress, promote experience and practices, and urge and remind departments and regions with slow progress.

on the other hand, zhao chenxin said that the supervision and management of funds should be further strengthened. the national development and reform commission has formulated the management measures for the ultra-long-term special treasury bonds to support the "two new" funds, clarifying the full-chain management regulations to ensure that the funds are truly used for the "two new" work.

"we will work with relevant departments to implement the measures, and through joint research and supervision, focus on investigating the use and management of funds in various regions and fields to ensure that the funds are in line with the investment destination. for acts of subsidy fraud, subsidy duplication, squeezing and misappropriation of funds in some places, we will work with relevant departments to deal with them seriously in accordance with the law." zhao chenxin said.