National Development and Reform Commission: From January to February, more than 1.07 million vehicles were traded in for new ones, driving up new car sales to 116.5 billion yuan.

On April 1st, the National Development and Reform Commission issued a document stating that the scale of special ultra-long-term national bonds to support the replacement of old products with new ones has been increased to 300 billion yuan. The first batch of 81 billion yuan was allocated on January 6th, continuing the foundation of work until 2024, and expanding to support the purchase of new digital products such as mobile phones, tablets, smartwatches, and smart wristbands. In January and February, over 1.07 million vehicles were replaced with new ones, leading to a total sales volume of 116.5 billion yuan. The retail sales of domestic passenger cars increased by 1.2% year-on-year, with a significant increase of 26% in February. The number of applications for replacing old home appliances exceeded 20 million units, and the retail sales of home appliances for units above the quota reached 153.7 billion yuan, a year-on-year increase of 10.9%. The sales of level 1 energy-efficient home appliances accounted for 80% of all home appliance sales. The full text is as follows: The Effectiveness of the "Two New" Policy Expansion was Significant in January-February 2025 To earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, on January 5, 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Implementing Large-scale Equipment Renewal and Replacement of Old Consumer Goods Policy in 2025," together with relevant departments, promptly formulated detailed implementation rules for various fields, and timely allocated funds from special ultra-long-term national bonds to accelerate the implementation of the expansion of the "Two New" policy. In January and February, the "Two New" policy further strengthened and showed results, driving equipment purchasing investment to increase by 18% year-on-year, total retail sales of social consumer goods to increase by 4% year-on-year, and continuing to play an important role in expanding consumption, stabilizing investment, promoting transformation, and benefiting people's livelihood. 1. Effectively stimulate consumption vitality. The scale of special ultra-long-term national bonds for supporting the replacement of old consumer goods with new ones is increased to 300 billion yuan. The first batch of 81 billion yuan was allocated on January 6th, building on the foundation of work in 2024, and expanding to support the purchase of new digital products such as mobile phones, tablets, smartwatches, and smart wristbands. In January and February, over 1.07 million vehicles were replaced with new ones, driving the sales volume of new cars to reach 116.5 billion yuan. The retail sales volume of domestic passenger cars increased by 1.2% year-on-year, with a significant increase of 26% in February. The number of applications for replacing old home appliances exceeded 20 million units, and the retail sales of home appliances for units above the quota reached 153.7 billion yuan, a year-on-year increase of 10.9%. The effect of subsidies for purchasing new phones was particularly impressive, with a significant increase of 26.2% in the retail sales of communication equipment for units above the quota. The sales volume and sales amount of phones below 6,000 yuan reached 44.22 million units and 11.26 billion yuan, respectively, with average daily sales reaching approximately 750,000 units and 1.9 billion yuan, a year-on-year increase of 8.8% and 19.3% respectively. The replacement of electric bicycles with new ones reached 1.17 million vehicles, leading to an increase in sales volume of new vehicles to 3.5 billion yuan. 2. Continuously drive investment growth. This year, the 200 billion yuan of special ultra-long-term national bond funds supporting equipment renewal will be further expanded to cover electronic information, safety production, facility agriculture, grain and oil processing, and other fields. Efforts will be made to organize project application reviews and accelerate research to promote subsidized loans. Under the impetus of the "Two New" policy, equipment purchasing investment nationwide increased by 18% year-on-year in January and February, with a growth rate 2.3 percentage points higher than that of the whole of 2024, and 13.9 percentage points higher than all investments, contributing 62.3% to the growth of all investments, and driving an increase of 2.6 percentage points in all investments. Among them, investment in technological transformation in the manufacturing industry closely related to the "Two New" policies increased by 10%, with a growth rate 2 percentage points higher than that of 2024; investment in consumer goods manufacturing increased by 12.8%, 3.8 percentage points higher than that of all manufacturing industries. 3. Accelerate the smooth circulation of the economy. In terms of driving the production of important products, in January and February, the value added of the automobile manufacturing industry above a certain scale increased by 12.0% year-on-year, with the production of automobiles, new energy vehicles, and charging piles increasing by 13.9%, 47.7%, and 32.2% respectively; the value added of the home appliance manufacturing industry above a certain scale increased by 10.1% year-on-year, with double-digit growth in the production of refrigerators, washing machines, and other products. In addition, the value added of industries such as railway transportation equipment manufacturing, urban rail transit equipment manufacturing, and agricultural, forestry, animal husbandry, and fishery specialized machinery manufacturing above a certain scale increased by 28.1%, 23.7%, and 9.9% respectively; the production of soil tillage machinery, medical instruments and equipment, and processing equipment for Shenzhen Agricultural Power Group increased by 46.3%, 19.4%, and 16.4% respectively. In terms of accelerating the recycling and utilization of important resources, in January and February, nearly 1,400 new intelligent community recycling facilities were added nationwide, accumulating more than 12,000 since the implementation of the "Two New" policy last year; the amount of scrapped automobile recycling increased by 50.1% year-on-year, with a significant increase of 188.2% in February, reaching a historic high; the amount of recycled and utilized scrap steel was about 37 million tons, with a total production of recycled copper, aluminum, lead, and zinc of about 3 million tons, showing a stable increase compared to previous periods. 4. Steadily improve the standard level. In January and February, 13 new national standards in the "Two New" areas were issued; as of now, a total of 185 national standards out of the planned 294 in the "Two New" areas in 2024 and 2025 have been released. In terms of equipment renewal, 85 national standards were introduced, including those related to energy consumption limits, equipment efficiency, pollutants, and carbon emissions, supporting industrial transformation and upgrading. In terms of replacing old consumer goods with new ones, 57 national standards for home appliances, household goods, automobiles, kitchenware, and other products were issued to ensure the quality and safety of consumer goods. In the area of recycling and utilization, 43 national standards for the recycling of used car power batteries, discarded electrical and electronic products, retired photovoltaic modules, and other products were released to support high-level recycling of waste products and equipment. This article was selected from the National Development and Reform Commission, and edited by GMTEight: Chen Wenfang.