The four ministries and commissions jointly promoted large-scale equipment renewal and trade-in of consumer goods

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China Research Network

The four ministries and commissions jointly promoted large-scale equipment renewal and trade-in finance for consumer goods

Recently, the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and the State Administration of Financial Supervision jointly held a meeting on the promotion of large-scale equipment renewal and consumer goods trade-in finance. The conference aims to strengthen synergies in the financial system and provide strong support for large-scale equipment renewals and trade-ins of consumer goods.

The meeting emphasized that promoting large-scale equipment renewal and trade-in of consumer goods is not only a major decision made by the Party Central Committee and the State Council with an eye on the overall situation of high-quality development, but also has overall strategic significance. This decision is not only conducive to the current economic development, but also provides an important impetus for long-term transformation and upgrading.

By updating equipment and exchanging old for new consumer goods, we can promote the upgrading of enterprises, improve product quality and technical level, further meet the consumption needs of the people, and achieve stable economic growth and sustainable social development.

In terms of financial support, the meeting pointed out that the financial system needs to conscientiously study the relevant spirit of the Central Financial and Economic Commission, implement the requirements of the executive meeting of the State Council and relevant meetings, improve its political position, and make concerted efforts. Financial institutions should make their own decisions and bear their own risks, issue loans in accordance with the principles of marketization and rule of law, and effectively improve the ability and quality of financial support for large-scale equipment renewal and trade-in of consumer goods.

At the same time, the meeting also emphasized the principle of combining market leadership and government guidance. On the basis of following the laws of the market, the government will introduce incentive policies to encourage the advanced, eliminate the backward, and promote the guidance and orderly improvement of standards. Through the dual role of market mechanism and government policy, we can better realize the optimal allocation of resources and promote industrial upgrading and consumption upgrading.

In order to implement this work, the meeting also proposed a series of concrete measures. It includes establishing an in-bank working mechanism as soon as possible, refining and implementing goals and tasks, improving supporting systems and measures, and optimizing business handling processes. In addition, it is necessary to strengthen communication with industry authorities, identify the key points of work, speed up project docking, and actively meet the financing needs of key areas.

The convening of this promotion meeting has undoubtedly injected new impetus into the large-scale equipment renewal and consumer goods trade-in work. Through the coordinated efforts of the financial system, it is believed that it can effectively promote the in-depth development of relevant work and provide strong support for the high-quality economic development of the mainland.

Previously, the People's Bank of China set up a re-loan for scientific and technological innovation and technological transformation, with a limit of 500 billion yuan, an interest rate of 1.75%, a term of 1 year, which can be extended twice and each time for a period of 1 year. The recipients include 21 financial institutions, including China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks. Encourage and guide financial institutions to increase financial support for small and medium-sized technology-based enterprises, technological transformation and equipment renewal projects in key areas.

The State Council recently issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" (hereinafter referred to as the "Action Plan"), which proposes to better play the role of the government, increase fiscal, tax, financial, investment and other policy support, play a good policy combination, guide businesses to make appropriate profits, and form a scale effect of upgrading. The meeting required that all financial institutions should enhance their sense of responsibility, strengthen overall planning and coordination, and ensure that the implementation of policies is detailed.

It is necessary to establish an internal working mechanism as soon as possible, refine the objectives and tasks, improve the supporting systems and measures, and optimize the business handling process. It is necessary to strengthen communication with the competent departments of the industry, identify the key points of work, accelerate the docking of projects, and actively meet the financing needs of key areas. It is necessary to continuously improve comprehensive financial services and promote financial support for large-scale equipment renewal and the trade-in of consumer goods to achieve practical results.

According to the display released by the China Research Institute of Puhua Industry Research Institute:

2024 is China's "Year of Consumption Promotion", and driven by a series of favorable policies, China's consumer market has stabilized and rebounded. Physical online retail and food and beverage revenues are the key drivers of consumption recovery. At present, China is experiencing a new round of consumption structure changes under the influence of changes in population generation, family structure and lifestyle, and the resulting "silver" economy, "she" economy, health economy, leisure economy and green economy will bring new development opportunities to the industry.

According to data released by the National Bureau of Statistics, in the first quarter, the total retail sales of consumer goods 120327 100 million yuan, a year-on-year increase of 4.7%. In terms of the location of business units, the retail sales of urban consumer goods were 10,428.0 billion yuan, up by 4.6 percent; The retail sales of rural consumer goods were 1,604.7 billion yuan, up by 5.2 percent.

In terms of consumption type, retail sales of goods 106882 billion yuan, up by 4.0 percent; catering revenue was 1,344.5 billion yuan, an increase of 10.8 percent. The sales of basic daily necessities were good, and the retail sales of grain, oil, food, and beverages of units above designated size increased by 9.6 percent and 6.5 percent respectively.

The sales of some upgraded commodities grew rapidly, and the retail sales of sports and entertainment goods and communication equipment of units above designated size increased by 14.2 percent and 13.2 percent respectively. The national online retail sales were 3,308.2 billion yuan, a year-on-year increase of 12.4 percent. Among them, the online retail sales of physical goods were 2,805.3 billion yuan, an increase of 11.6 percent, accounting for 23.3 percent of the total retail sales of consumer goods. In March, the total retail sales of consumer goods increased by 3.1% year-on-year and 0.26% month-on-month. In the first quarter, retail sales of services increased by 10.0% year-on-year.

The trade-in of consumer goods has clarified the key tasks in three major areas, mainly including the trade-in of automobiles, home appliances and home decoration, kitchen and bathroom.

First of all, the automotive field is one of the key tasks. By increasing fiscal and financial policy support, the central government and local governments will work together to arrange funds to support the scrapping and renewal of automobiles, and encourage qualified localities to support the replacement and renewal of automobiles. At the same time, improve the recycling and dismantling system of scrapped vehicles, promote the safe and convenient transaction of second-hand cars, cultivate and expand the main body of second-hand car business, and promote the innovation and development of automobile circulation and consumption.

Secondly, the field of home appliances is also an important direction for trade-in. Give full play to the guiding role of fiscal and taxation policies, encourage the introduction of measures to benefit the people, improve the recycling network of waste household appliances, increase the cultivation of diversified subjects, strengthen the guidance and support of household appliance standards, promote the comprehensive improvement of after-sales service levels, and develop the circulation of second-hand goods.

Finally, the field of home improvement, kitchen and bathroom is also the focus of trade-in. Increase support for the people, improve the level of convenient services, cultivate new growth points for home furnishings, and optimize the home market environment to meet consumers' demand for upgrading.

To sum up, the three key tasks of consumer goods trade-in cover automobiles, home appliances and home decoration, kitchen and bathroom, through policy support, standard guidance and the role of market mechanisms, promote the upgrading of related fields, and promote consumption upgrading and economic development. These measures will help meet the people's demand for a better life and promote sustained and healthy economic development.

The "Action Plan" proposes that by increasing policy guidance and support, we will strive to accelerate the elimination of passenger cars with emission standards of China III and below by 2025, and further increase the market share of high-efficiency and energy-saving household appliances; The recycling of end-of-life vehicles will increase by 50% compared with 2023, and the recycling of waste household appliances will increase by 15% compared with 2023; By 2027, the recycling volume of end-of-life vehicles will double compared to 2023, the transaction volume of used cars will increase by 45% compared to 2023, and the recycling volume of waste household appliances will increase by 30% compared to 2023.

For more industry details, please click on the release of the China Research Institute of Puhua Industry Research Institute

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