On September 23, the National Development and Reform Commission (NDRC) held a special press conference to brief on the overall progress and results of the "Two New" (large-scale equipment renewal and trade-in of consumer goods) policy.

According to Zhao Chenxin, a member of the Party Leadership Group and deputy director of the NDRC, the 300 billion yuan in government bond funds has now been fully allocated. Of this, the 150 billion yuan in government bond funds for the equipment renewal sector has been fully allocated to projects in two batches in accordance with relevant regulations and procedures; the 150 billion yuan in government bond funds for the trade-in of consumer goods sector began to be fully allocated to local governments in early August.

Zhao Chenxin said that since the release of the "Several Measures on Strengthening Support for Large-Scale Equipment Renewal and the Trade-In of Consumer Goods," the "Two New" work has gradually achieved notable results and continues to show further progress. In the first eight months, investment in the purchase of equipment and tools grew by 16.8%, 13.4 percentage points higher than the growth rate of total fixed asset investment (excluding rural households), contributing 64.2% to the growth of total investment, 3.5 percentage points higher than in the first seven months.

At the same time, at the national level, following the release of the several measures to strengthen support for the "Two New" work, notices on project applications for equipment renewal were issued, along with implementation rules for equipment renewal in eight sectors, including industrial equipment, energy-using equipment, environmental infrastructure, operating vessels, operating trucks, new energy buses, agricultural machinery, and old elevators. At the local level, 31 provinces, autonomous regions, and municipalities directly under the central government, as well as 5 cities with independent planning status and the Xinjiang Production and Construction Corps, have all issued implementation plans to strengthen support for the "Two New" work, and have also issued more than 140 various local supporting implementation rules. It can be said that the policy system for using ultra-long-term special government bond funds to strengthen support for the "Two New" work has been fully established, laying a solid foundation for this year's work and beyond.

The meeting noted that solving the urgent difficulties and worries of the people and improving residents' living environments are important goals of the "Two New" work. In this regard, the NDRC, together with relevant local governments and departments, has carried out a great deal of work. For example, focusing on weak areas and shortcomings in construction and municipal sectors, it has pushed various localities to solidly carry out the renewal of old residential elevators and environmental infrastructure. In the first eight months, investment in the production and supply of electricity, heat, gas, and water, which is closely related to municipal construction, grew by 23.5%. For another example, focusing on improving the quality of public services in education, healthcare, culture and tourism, and other fields, it has advanced equipment renewal in the social sector, with the comprehensive upgrading of smart cultural tourism and other areas proceeding in full swing.