Tax revenue data shows that the implementation of the "Two New" policies has achieved significant results.

Data from the State Administration of Taxation shows that, over the past year, the large-scale equipment updates and the policy of trading in old consumer goods for new ones have continued to produce positive effects in promoting transformation and upgrading, boosting consumer demand, and facilitating economic circulation. Value-added tax invoice data shows that from April 2024 to July 2025, the implementation of the "two new" policies directly stimulated growth in national retail demand, which in turn affected the supply side, leading manufacturing enterprises to accelerate equipment updates and upgrades. As a result, manufacturing industry sales revenue increased by 5.8% year-on-year, making the economic cycle more smooth and efficient.