China's ”two new” policies see equipment purchase investment up 18% year-on-year - Chinese media

According to the National Development and Reform Commission, the "two new" policy (a policy encouraging large-scale equipment renewal and replacement of consumer goods) is having an effect, with investment in purchasing equipment increasing 18% in January and February of this year compared to the same period last year.
The total retail sales of consumer goods increased by 4.0% year-on-year. The scope of the consumer goods replacement policy was expanded from January 6th. According to the data, the number of replacement cars during the same period exceeded 1.07 million.
The number of applications for replacement of home appliances exceeded 20 million units, and the retail sales of home appliances of companies exceeding the limit increased by 10.9% to 1.
The total amounted to 53.7 billion former (approximately 3 trillion yen). In addition, retail sales of communication equipment for companies with amounts above the limit increased by 26.2%, showing a significant increase. Sales of mobile phones below 6000 former (approximately 120,000 yen)
The number of vehicles sold was 44.22 million, and the total sales revenue was 112.6 billion former (approximately 2.2 trillion yen). The number of electric bicycles (EVs) replaced reached 1.17 million, and new vehicle sales revenue was 3.5 billion former (approximately 69.8 billion yen).
This year, the number of industrial sectors targeted by large-scale facility renewal policies has expanded, driving an increase in total investment. In January and February, the amount of investment in purchasing equipment nationwide increased by 18% year-on-year, reaching 1.2 billion yen.
The contribution rate to the total investment growth was 62.3%, raising the growth rate of total investment by 2.6 percentage points. The "two new" policies led to an increase in the production volume of key products. During the same period,
The added value of the automobile manufacturing industry increased by 12.0% year-on-year. Of this, the production volume of automobiles increased by 13.9%, new energy vehicles (NEVs) increased by 47.7%, and charging poles increased by 32.2%.
Added value in home appliance manufacturing industries of a certain scale or larger increased by 10.1% year-on-year, with production of refrigerators, washing machines, and other appliances showing double-digit increases.