[Domestic News] NDRC Promotes "Two New" Policies, Subsidies for Purchasing New Digital Products Lead New Consumption Trends
This morning, the State Council Information Office held a press conference on the series of "Achievements in China's High-quality Economic Development". Relevant responsible persons from the National Development and Reform Commission (NDRC) stated that in 2025, efforts will be intensified to expand and implement the "Two New" policies and provide greater support for "Two Key" projects.
The relevant responsible persons noted that in 2025, greater support will be given to "Two Key" projects. The scope of water conservancy support will be expanded to cover large and medium-sized irrigation areas and water diversion projects nationwide; projects such as the construction of intercity railways in key metropolitan areas will be included in the scope of support; and actions to effectively reduce logistics costs for the entire society will be fully implemented nationwide. Based on the approximately RMB 100 billion worth of project lists released in advance last year for this year, another batch of project lists will be released recently to promote the formation of physical workload as soon as possible.
In addition, efforts will be intensified to expand and implement the "Two New" policies. Firstly, the scope will be expanded. The scope of support for equipment upgrades will be extended to fields such as electronic information, work safety, and facility agriculture. Subsidies for purchasing new digital products such as mobile phones will be implemented, providing subsidies for individual consumers purchasing three categories of digital products: mobile phones, tablets, and smartwatches/bracelets. Secondly, standards will be raised. Subsidy standards for renewing new energy city buses and power batteries, as well as for scrapping and renewing agricultural machinery, will be further increased. Support for replacing home decoration consumer goods will be strengthened.
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NDRC: Promoting the Stabilization of the Real Estate Market and Continuously Boosting the Capital Market
Yuan Da, Deputy Secretary-General of the NDRC, stated that in the next step, the NDRC will focus on the following six aspects: Firstly, comprehensively expanding domestic demand. Special actions to boost consumption will be implemented, investment returns will be further improved, greater support will be provided for "Two Key" construction, and efforts to expand and implement the "Two New" policies will be intensified. Secondly, advancing the implementation of landmark reform measures. Guidelines for building a unified national market will be formulated and implemented, and a law to promote the private economy will be promoted. Thirdly, expanding high-level opening up to the outside world. Autonomous and unilateral opening up will be orderly expanded, and the development of service trade, green trade, and digital trade will be actively promoted. High-quality joint construction of the Belt and Road Initiative will be deepened and substantiated, with a focus on stabilizing foreign trade and foreign investment. Fourthly, promoting the quality upgrading of key industries. "Involution"-style competition will be comprehensively rectified, and phased contradictions of excess supply over demand in some industries will be actively resolved. Efforts will be made to enhance the resilience and security of industrial and supply chains, and vigorously cultivate and expand future industries and emerging industries. Fifthly, increasing efforts to safeguard and improve people's livelihoods. Greater efforts will be made to stabilize employment and increase incomes, improve the level of social security, increase the quality of public service supply, and implement industrial and employment support policies. Sixthly, effectively preventing and resolving risks in key areas. Efforts will be made to stabilize the real estate market, continue to boost the capital market, properly handle risks in local small and medium-sized financial institutions, and continuously strengthen safety and capacity-building in areas such as grain, energy resources, industrial and supply chains, and data.
NDRC: "Two New" Policies to Be Expanded and Implemented with Subsidies for Purchasing New Digital Products Such as Mobile Phones
Yuan Da stated that in 2025, efforts will be intensified to expand and implement the "Two New" policies and provide greater support for "Two Key" projects. The scope of water conservancy support will be expanded to cover large and medium-sized irrigation areas and water diversion projects nationwide; projects such as the construction of intercity railways in key metropolitan areas will be included in the scope of support; and actions to effectively reduce logistics costs for the entire society will be fully implemented nationwide. Based on the approximately RMB 100 billion worth of project lists released in advance last year for this year, another batch of project lists will be released recently to promote the formation of physical workload as soon as possible. In addition, efforts to expand and implement the "Two New" policies will be intensified. Firstly, the scope will be expanded. The scope of support for equipment upgrades will be extended to fields such as electronic information, work safety, and facility agriculture. Subsidies for purchasing new digital products such as mobile phones will be implemented, providing subsidies for individual consumers purchasing three categories of digital products: mobile phones, tablets, and smartwatches/bracelets. Secondly, standards will be raised. Subsidy standards for renewing new energy city buses and power batteries, as well as for scrapping and renewing agricultural machinery, will be further increased. Support for replacing home decoration consumer goods will be strengthened.
NDRC: China's Global Innovation Index Ranking Rose to 11th in 2024
Zhao Chenxin, Deputy Director of the NDRC, stated that in 2024, China's innovation vitality continued to be stimulated, and the transition between old and new growth drivers accelerated. The cultivation of new-quality productive forces accelerated: On the one hand, the foundational system supporting comprehensive innovation was rapidly improved, the systematic construction of major science and technology infrastructure continued to advance, and major innovation achievements such as the lunar exploration program and heavy-duty gas turbines continued to emerge. China's ranking in the Global Innovation Index rose to 11th in 2024. On the other hand, the effectiveness of innovation-driven development continued to appear. Traditional industries accelerated their upgrading, emerging industries accelerated their development, and future industries accelerated their layout. The growth rate of high-tech manufacturing value-added continued to be higher than the overall growth rate of manufacturing.
NDRC: Greater Support for the Expansion of the Infrastructure REITs Market
Zhao Chenxin stated that in 2025, further focus will be placed on improving investment returns and precisely exerting efforts to fully leverage the key role of investment. Firstly, high-quality advancement of "Two Key" construction will be pursued. The issuance scale of ultra-long-term special treasury bonds will be increased, the scope of support for "Two Key" construction will be expanded, and the proportion of treasury bond funds supporting projects will be further increased. A balance will be struck between "hard investment" and "soft construction" to ensure that projects conform to the nature of "Two Key", while achieving more substantial progress and innovative breakthroughs in improving project investment and financing mechanisms, and perfecting project operation and maintenance mechanisms. Secondly, government investment will be used efficiently. The scale of central budget investment will be appropriately increased and its scope of support optimized, focusing on public sector projects where markets cannot effectively allocate resources, to continuously address shortcomings, adjust structures, and benefit people's livelihoods. The management mechanism for special local government bonds will be improved, and the "positive" and "negative" lists will be used well to better leverage the investment returns of special bonds. In addition, the smooth conclusion of the 102 major projects in the 14th Five-Year Plan will be promoted. Thirdly, social investment will be mobilized at a high level. A long-term mechanism for private enterprises to participate in national major project construction will be improved, projects will be continuously introduced to private capital, and the development space for private investment will be expanded. Key private investment projects will be selected to deepen investment-loan cooperation, promote the implementation of more PPP new mechanism projects, and provide greater support for the expansion of the infrastructure REITs market. Through these measures, private enterprises will continue to receive assistance in resolving financing difficulties, high financing costs, and other development issues.
NDRC: In 2025, the Supporting Conditions and Basic Trends for Improved Consumption in China Remain Unchanged
Xiao Weiming, Deputy Secretary-General of the NDRC, stated at today's press conference held by the State Council Information Office that looking ahead to 2025, China's advantage of having an ultra-large consumer market remains unchanged, and the supporting conditions and basic trends for improved consumption remain unchanged. The consumer market will continue to show a trend of steady growth. We will implement special actions to boost consumption, combining consumption promotion with benefiting people's livelihoods, and initially consider intensifying policy measures in the following aspects: Firstly, increasing income and reducing burdens for residents. Secondly, enriching the supply of consumer products and services. Thirdly, cultivating new growth points for consumption. Fourthly, improving the consumption environment.
NDRC: The "Guidelines for Building a Unified National Market" Will Be Published to the Public As Soon As Possible
Xiao Weiming stated that recently, the NDRC will publish the "Guidelines for Building a Unified National Market" to the public as soon as possible and implement comprehensive measures to promote the deep and practical construction of a unified national market. The "Negative List for Market Access (2025 Edition)" will be promptly issued, and implementation measures for the "Regulations on Fair Competition Review" will be formulated; the comprehensive reform pilot for factor market-oriented allocation will be accelerated, and the construction of a unified national electricity market system will be accelerated; a unified and open transportation market