300 billion yuan of ultra-long-term special government bonds were issued, and the effectiveness of the "two new" policies began to show
2024-09-24
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in march this year, the state council issued the action plan to promote large-scale equipment renewal and consumer goods trade-in. in july, the national development and reform commission and the ministry of finance jointly issued several measures to further support large-scale equipment renewal and consumer goods trade-in, which comprehensively arranged about 300 billion yuan of ultra-long-term special treasury bond funds to further support the "two new" industries.
on september 23, the national development and reform commission held a special press conference to introduce the overall progress and results of the "two new" policies. zhao chenxin, deputy director of the national development and reform commission, introduced that with the joint efforts of all parties, the "two new" work has gradually achieved significant results. the supporting details have been fully issued, the national debt funds have been fully issued, and the supporting policies have been fully launched. it has effectively driven investment growth, released consumption potential, promoted industrial development, improved people's livelihood and well-being, and supported green transformation.
zhao chenxin emphasized that the "two new" work connects both ends of supply and demand, benefits both enterprises and people, and benefits both the present and the long term, and is an important measure to promote high-quality development. the "two new" work is an organic combination of greening and digitalization, which helps to transform these potentials into tangible growth. the national development and reform commission will work with relevant parties to further make full use of various policies and funds such as super-long-term special government bonds to support the "two new" and other policies, so that the policy dividends can benefit more consumers and business entities, and at the same time provide a stronger impetus for promoting sustained and healthy economic development and accelerating the transformation of production and lifestyle.
the work of "two new" has achieved remarkable results
on july 25, the national development and reform commission and the ministry of finance issued "several measures on further supporting large-scale equipment renewals and trade-ins of consumer goods", which comprehensively arranged about 300 billion yuan of ultra-long-term special government bond funds, significantly expanded the scope of support, optimized organizational methods, and increased subsidy standards.
zhao chenxin introduced that at the national level, after the release of a number of measures to increase support for the "two new", the equipment renewal project application notice, as well as the implementation rules for equipment renewal in eight fields, including industrial equipment, energy-consuming equipment, environmental infrastructure, operating ships, operating trucks, new energy buses, agricultural machinery, and old elevators, and the implementation rules for the old-for-new consumer goods in four fields, including automobiles, home appliances, electric bicycles, and home kitchen and bathroom decoration, these supporting measures have all been issued and implemented.
at the local level, 31 provinces, autonomous regions, municipalities directly under the central government, 5 cities with independent planning status and xinjiang production and construction corps have issued implementation plans to strengthen support for the "two new" and issued more than 140 local supporting implementation rules. it can be said that the policy system of using ultra-long-term special treasury bond funds to strengthen support for the "two new" has been established, laying a solid foundation for this year and future work.
national debt funds have been fully allocated. in terms of equipment renewal, the national development and reform commission, together with relevant departments, has optimized support methods and simplified approval procedures 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 the old-for-new consumer goods, the national development and reform commission, together with the ministry of finance, has 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.
a set of latest data released by the national development and reform commission shows that the "two new" work has gradually achieved significant results. in terms of expanding investment, the equipment renewal policy has been continuously promoted, effectively mobilizing the enthusiasm of business entities to update various types of equipment such as production, energy consumption, and elevators. in the first eight months, investment in equipment and tools increased by 16.8%, 13.4 percentage points higher than the total fixed asset investment (excluding farmers), and the contribution rate to the total investment growth reached 64.2%, an increase of 3.5 percentage points over the previous seven months, indicating that after the implementation of the intensified policy, the pulling effect in august was more obvious.
in terms of promoting consumption, the old-for-new policy has been implemented in various places, driving a significant increase in the sales of key consumer goods. for example, data from the china automobile dealers association showed that the national passenger car retail sales in august were 1.905 million, a significant increase of 10.8% month-on-month; among them, the most eye-catching was the retail sales of new energy vehicles, which was 1.027 million, a significant increase of 17% month-on-month. for another example, data from the national bureau of statistics showed that the retail sales of household appliances and audio-visual equipment turned from decline to growth, with sales in august increasing by 3.4% year-on-year.
judging from the situation on the platforms and stores, the consumption of old-for-new home appliances has grown rapidly recently. from august 26 to september 21, the sales of home appliances such as refrigerators, washing machines, tvs, air conditioners, and computers 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 a very obvious growth rate. from september 1 to 21, the customer flow of suning.com's national operating stores doubled, and the sales of computers and air conditioners increased by nearly 300% and 100%, respectively.
in addition, the "two new" policies have also effectively promoted industrial development. the "two new" work continues to stimulate demand potential, and the effects of relevant policies are being transmitted to the supply sector, promoting rapid growth in production in equipment manufacturing, automobiles, home appliances and other industries. taking the key areas of equipment renewal such as transportation and communications as an example, in august, the added value of manufacturing industries such as ships and related devices, urban rail transit equipment, and communications equipment increased by 23%, 17.1%, and 10.3% year-on-year respectively; the output of products such as household washing machines, smart tvs, and household refrigerators also achieved rapid growth.
the financial support is constantly increasing
financial funding guarantee and supervision are key links in stepping up efforts to promote the "two new" work, and are crucial to the orderly promotion of the "two new" work.
zhao changsheng, deputy director of the economic construction department of the ministry of finance, said at the press conference that 150 billion yuan of ultra-long-term special treasury bonds will be directly allocated to local governments in batches. the national development and reform commission took the lead and comprehensively considered factors such as the permanent population, gdp, and the number of cars and home appliances in each region to determine the scale of funds in each region. the ministry of finance immediately allocated 90 billion yuan of funds to local governments at a ratio of 60%, and required all provinces to promptly allocate budget funds to relevant departments at the same level or lower-level financial departments to effectively ensure that all localities start relevant work in a timely manner. at the same time, the ministry of finance closely followed the progress of work in various places, grasped the progress of fund use in real time, and promptly issued the remaining 60 billion yuan of funds based on the actual progress of local work, effectively ensuring the demand for subsidies for the replacement of old consumer goods with new ones during the mid-autumn festival and national day.
zhao changsheng mentioned that the funds invested in supporting the "two new" work are large and involve many fields, so it is necessary to continuously strengthen fund supervision and ensure fund security. in this regard, the ministry of finance cooperated with the national development and reform commission and other departments to establish a regular scheduling mechanism, closely track the progress of policy implementation, and consolidate the main responsibilities of local projects and fund management. at the same time, it clarified the "negative list" of fund use, requiring that relevant funds should not be used to balance the budget, repay government debts, or clear overdue corporate accounts, "three guarantees" expenditures, etc., and through specific measures such as online monitoring and offline verification, prevent fund crowding and misappropriation, so that the "real money" policy can be implemented and achieve results as soon as possible.
the financing needs of enterprises in equipment renewal are mainly met by bank loans, and the people's bank of china provides support through re-lending policy tools. in april this year, the people's bank of china, together with the national development and reform commission and other departments, created a re-lending 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 arranged to support the "first loan" of start-up and growth-stage technology-based smes; 400 billion yuan was arranged 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, director of the credit market department of the people's bank of china, introduced at the press conference that since the implementation of the policy, a total of 3 batches of 13,000 candidate projects have been pushed to banking institutions; the people's bank of china and other departments have guided banking institutions to establish a special working mechanism, strengthen resource guarantees, accelerate docking and due diligence, and increase credit support for project financing in accordance with market principles. relevant work has made positive progress. the equipment renewal projects pushed have basically achieved "full coverage" of financing docking and due diligence, with a total contracted 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%), and has strongly supported the implementation of technical transformation and equipment renewal projects in key areas. according to statistics, 70% of the funds are to support small and medium-sized enterprises.
peng lifeng said that in the next step, the people's bank of china will further increase its guidance and supervision of banking institutions and local governments, speed up the processing of land, planning, environmental protection, safety and other licenses for loan projects, include more projects of private enterprises, small and medium-sized enterprises, and agricultural entities in the shortlist, increase support for financing guarantees and risk compensation, and 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; improve the financial "five major articles" policy system, enrich exclusive financial products that meet the needs of small and medium-sized enterprises, and continuously improve the intensity, coverage and adaptability of financial support for small and medium-sized enterprises.
ding minglei, a researcher at the chinese academy of science and technology for development strategy, said that the fiscal interest subsidy policy for equipment renewal loans aims to enable business entities to obtain "real money" support by promoting large-scale equipment renewal and the replacement of old consumer goods with new ones. it is an important measure to accelerate scientific and technological innovation to empower new quality productivity and promote high-quality development. through the coordinated efforts of fiscal, financial and industrial policies, the financing costs of equipment renewal for enterprises can be reduced, industrial upgrading and technological progress can be promoted, the competitiveness of enterprises can be enhanced, and the policy incentives and guidance effects can be effectively amplified.
ding minglei said that an efficient information sharing mechanism should be established between the finance, development and reform, industry management and financial management departments to ensure that each department obtains and transmits information on the use of interest subsidy funds in a timely manner. financial departments at all levels should speed up the disbursement of interest subsidy funds to ensure that funds are in place in a timely manner to support the smooth implementation of enterprise equipment renewal projects. he suggested that the effectiveness of policy implementation should be evaluated regularly, feedback from enterprises and financial institutions should be collected, policy measures should be adjusted and optimized in a timely manner, and the applicability and effectiveness of policies should be improved. a strict supervision and evaluation mechanism should be established to regularly review the use of interest subsidy funds to ensure that the use of funds is open, transparent and efficient.
(this article comes from china business network)
