CCTV News: China's "two new" policies are constantly expanding, and subsidies for three types of digital products such as mobile phones, tablets, and smart watches will be implemented from the 20th, which will stimulate domestic consumption potential and promote economic growth. Next, let’s take a look at the focus of international media reports.

The Chinese government recently announced that it would increase support for equipment updates and consumer goods trade-in, and would enjoy the old-for-new subsidy for home appliance products, from last year's eight categories to 12 categories this year, and at the same time implement new subsidies for purchases of digital products such as mobile phones. The Chinese government has listed vigorously boosting consumption as the primary key task of economic work in 2025. The central government has preliminarily allocated the first batch of 81 billion yuan of funds for old-for-new consumer goods in 2025 to support local governments in the continuous implementation of policies. Analysts believe that the new policy aims to boost China's domestic demand and consumption, take into account social fairness to help middle- and low-income families, and hedge the impact of the possible imposition of tariffs on China's exports by the new US government.

In 2024, China's old-for-new policy achieved positive results, driving automobile sales of more than 920 billion yuan and driving home appliance consumption of nearly 270 billion yuan. More supportive policies will be introduced this year. In addition, China will increase the scale of funds to support equipment updates in key areas by ultra-long-term special government bonds, and increase support for equipment updates in key areas. The support scope will be further expanded to electronic information, production safety, facility agriculture and other fields, focusing on supporting high-end, intelligent and green equipment applications. Analysts believe that industries such as high-tech and transportation equipment manufacturing will benefit from this and continue the strong development momentum in 2024.

China is stepping up its efforts to expand the "two new" policies. Experts point out that in the short term, the rapid implementation of the subsidy policy will greatly stimulate consumers' enthusiasm for purchasing, and is expected to drive the rapid growth of sales of related products and promote the activity and development of the entire industrial chain. In the long run, the "two new" policies will help guide the industry to develop in a more environmentally friendly and efficient direction, and promote technological innovation and industrial upgrading. China will occupy a more favorable position in the global industrial chain, enhance its overall competitiveness, and lay a solid foundation for the sustainable development of the economy.

China recently launched a trade-in and consumption subsidy policy covering a wider range. Relevant people said that this is due to the consideration of increasing the scale of funds, expanding the scope of support, optimizing the implementation mechanism, and amplifying the leverage effect. The public responded enthusiastically, and on short video platforms, the number of related videos is very high. Experts said that the "two new" policies have a significant stimulating effect on specific consumer groups, but achieving domestic demand growth in the process of economic structural adjustment still requires more comprehensive measures and long-term plans.