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the latest news is here: the national development and reform commission and three other departments jointly spoke out about the "two new"!

2024-09-24

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our reporter du yumeng

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 (hereinafter referred to as "two new"). 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, attended the press conference to introduce the "two new" work and answer questions from reporters.

investment in equipment and tools in the first eight months
the contribution rate to total investment growth reached 64.2%

since 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, 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", proposing a series of policy measures to further support the "two new" work.

according to zhao chenxin, the progress of the "two new" work in the past two months can be summarized as "three comprehensives". first, the supporting details have been fully issued. second, the national debt funds have been fully issued. third, the supporting policies have been fully launched. with the joint efforts of all parties, the "two new" work has gradually achieved significant results, and it is still showing, which can be summarized as "five powerful". that is, it has effectively driven investment growth, effectively released consumption potential, effectively promoted industrial development, effectively promoted industrial development, and effectively supported green transformation.

for example, in terms of driving investment growth, 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%, 3.5 percentage points higher than the previous seven months, indicating that after the implementation of the policy, the driving effect in august was more obvious. in terms of promoting industrial development, the "two new" work continues to stimulate demand potential, and the relevant policy effects are being transmitted to the supply sector, promoting the rapid growth of 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 household washing machines, smart tvs, and household refrigerators also achieved rapid growth. at the same time, it should be noted that many companies are optimistic about the development prospects of the "two new" fields and have increased investment in equipment manufacturing, consumer goods production and other fields. in the first eight months, investment in equipment manufacturing, consumer goods manufacturing, and raw materials manufacturing increased by 10%, 14.9%, and 9%, respectively.

the total amount of loan contracts signed for equipment renewal projects is 230 billion yuan

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.

according to peng lifeng, since the implementation of the policy, relevant departments have carefully organized project selection and pushed 3 batches of 13,000 candidate projects to banking institutions; the people's bank of china and other departments have guided banking institutions to establish special working mechanisms, strengthen resource guarantees, speed up 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.

at the same time, the people's bank of china continues to promote relevant work such as science and technology finance, green finance, and inclusive finance, creating a good financial environment for financing of small and medium-sized enterprises. as of the end of august this year, loans to technology-based small and medium-sized enterprises and inclusive small and micro loans increased by 21% and 16% year-on-year, respectively, significantly higher than the growth rate of various loans in the same period.

peng lifeng said: "in the next step, the people's bank of china will work with the national development and reform commission and other departments to further strengthen the guidance and supervision of banking institutions and local governments. by accelerating the processing of land, planning, environmental protection, safety and other licenses for loan projects, more projects of private enterprises, small and medium-sized enterprises, and agricultural entities will be included in the candidate list, and measures such as increasing support for financing guarantees and risk compensation will 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; improve the policy system of the 'five major articles' of finance, 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."

let the "real money and real silver" policy be implemented and produce results as soon as possible

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.

according to zhao chenxin, 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 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.

specifically, zhao changsheng further stated that, first, 150 billion yuan of ultra-long-term special treasury bond funds will be directly allocated to local governments in batches. the national development and reform commission took the lead and determined the scale of funds for each region based on factors such as the permanent population, gdp, and the number of cars and home appliances 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 relevant work is started in a timely manner in all regions. at the same time, the ministry of finance closely followed the progress of work in various regions, 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.

second, special funds for large-scale equipment renewal were allocated in a timely manner. after receiving the list of equipment renewal projects supported by ultra-long-term special treasury bonds from the national development and reform commission, the ministry of finance immediately initiated the budget allocation procedure, allocated relevant funds, and required local financial departments at all levels to allocate funds in a timely manner according to the progress of project implementation to ensure the orderly implementation of relevant projects.

third, the first subsidy for equipment renewal loans was allocated. the central government optimized the fund application process and allocated subsidy funds to provincial governments in advance. provincial governments allocated subsidy funds to banks on a quarterly basis. banks directly deducted the funds when collecting interest, and business entities enjoyed preferential interest rates without applying. the ministry of finance arranged 20 billion yuan in subsidy funds for equipment renewal loans, and has currently allocated the first subsidy of 8 billion yuan to boost the enthusiasm of business entities for equipment renewal and accelerate equipment renewal and technological transformation.

zhao changsheng frankly said 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 has 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 has 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 effective as soon as possible. in the next step, the ministry of finance will work with relevant departments to closely track the allocation and issuance of funds, promote the implementation of relevant policies and measures, and ensure that the "two new" work achieves greater results.

image | zcool helo

produced by | zhang xin

review | xie ruolin

editor | caishandan

final review | ma fangye


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