[Editor's Note] After the successful conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, a series of reform measures and detailed rules have begun to be introduced and implemented one after another over the past month or more. From expanding domestic demand and consumption and smoothing the economic cycle in the economic field, to making government services convenient for the people and beneficial to enterprises through "handling one matter efficiently," to continuing to rectify formalism and reduce the burden on the grassroots, a strong signal has been released that all departments and fields are concentrating their efforts on implementing the arrangements for further comprehensively deepening reform and striving to promote high-quality development through genuine hard work. CNR's "CNR Commentary" has specially launched a "Genuine Hard Work" series of commentaries.

　　In March this year, the State Council issued the Action Plan for Promoting Large-Scale Equipment Renewals and Trade-Ins of Consumer Goods, launching a comprehensive and systematic deployment of the "Two New" work; in April, the Ministry of Commerce, the Ministry of Finance and five other departments issued the Detailed Rules for the Implementation of Subsidies for Trade-Ins of Automobiles, clarifying the subsidy standards and requirements for scrapping and renewing automobiles; at the end of July, the National Development and Reform Commission and the Ministry of Finance issued Several Measures on Strengthening Support for Large-Scale Equipment Renewals and Trade-Ins of Consumer Goods, further increasing support for the "Two New" action... Since the beginning of this year, the "Two New" policies have continued to expand in scope and intensity, continuously unleashing the potential of domestic demand.

　　Investment and consumption are important engines driving economic growth. As one of the key measures to expand domestic demand this year, the "Two New" work is an important decision and deployment made by China with an eye to the overall situation of high-quality development. In the short term, this measure helps guide residents to release consumption potential in an orderly manner and improve their quality of life; it stimulates the vitality of various business entities and plays a certain boosting role in driving the growth of consumer goods such as automobiles and home appliances. In the long run, through equipment renewal and technological transformation, it can reduce enterprises' production costs, improve production efficiency and product quality, and further promote the optimization and upgrading of relevant industrial structures, which helps deepen the integration of scientific and technological innovation with industrial innovation.

　　Data show that driven by the policies, in the first half of this year, national investment in the purchase of equipment and instruments increased by 17.3% year on year, driving the growth of all investment by 2.1 percentage points; retail sales of household appliances and audio-visual equipment by units above the designated size increased by 3.1% year on year.

　　In response to the reality that small and medium-sized enterprises cannot meet the application threshold and lack funds, and to the calls of consumers for greater subsidies, the "Two New" policy was once again strengthened in all respects at the end of July: the state made overall arrangements for about 300 billion yuan of ultra-long-term special government bonds, no longer set the requirement that "total project investment shall not be less than 100 million yuan," expanded the scope of support to "equipment renewal in fields such as energy and power and old elevators, as well as energy conservation, carbon reduction and safety transformation in key industries," and allowed dynamic adjustments in light of actual conditions, while raising the proportion of fiscal interest subsidies for equipment renewal loans, with the total scale of interest subsidies reaching 20 billion yuan, among other measures. As of August 20, specific rules and other documents have been issued in many fields such as automobiles, energy and transportation.

　　At present, many places across the country are stepping up the implementation and deployment of policies and related projects in light of actual needs. For example, Shanghai proposed to focus on strategic and urgently needed and emerging fields such as integrated circuits and artificial intelligence, and renew teaching equipment that no longer meets demand or has reached its service life; Henan made clear that it will implement three major projects: trade-ins of automobiles, trade-ins of home appliances, and "renewal" of home decoration and kitchen and bathroom products, and issue a trade-in policy for electric bicycles; Jiangsu stated that it will better leverage the key role of investment, coordinate "bringing in" and "going global," and further advance the construction of new urbanization.

　　Deployment is one part, implementation is nine parts; a good policy depends on genuine hard work to complete the "last mile." On the one hand, we should set examples through industrial projects with high technological content, strong driving effects and great economic benefits, give full play to the pulling role of "renewal plus trade-in" in driving investment, further tap the consumption increment in smart homes, new energy vehicles and other aspects in counties and rural areas, and guide enterprises to carry out industrial upgrading and innovation targeting rural consumption scenarios. On the other hand, we must also ensure that waste household appliances recycled in various places are handed over to formal dismantling enterprises, guard against illegal acts such as defrauding subsidies, and truly ensure that policies helping enterprises and benefiting the people achieve "real" results and deliver "real" benefits.