Recently, "two new" has become an economic buzzword, referring to the exchange of old cars and household appliances for new ones, the upgrading of production equipment, and the recycling of waste products. The National Development and Reform Commission and the Ministry of Finance issued measures to arrange about 300 billion yuan of ultra long term special treasury bond funds, increase support for large-scale equipment renewal and consumer goods trade in, and expand the scope of subsidies and support. Among them, about 150 billion yuan of ultra long term special treasury bond funds will be exchanged for new consumer goods by local governments. Many regions have made the deployment of "two new" a priority, using real money and silver to enable enterprises and consumers to purchase affordable new products, and "exchanging" surging momentum for high-quality economic development. The "Two New" initiative balances current and long-term interests, serving as a bridge to exchange high-quality development momentum and pave the way to sustainable development. From a product perspective, equipment updates and trade in of consumer goods are not simply the replacement of similar products, but rather the integration of more energy-efficient, environmentally friendly, and intelligent high-quality products into the production chain and residents' lives, promoting industrial transformation and upgrading, and meeting the people's aspirations for a better life. From the perspective of impact, China is a major manufacturing and consumer country. Carrying out the "two new" actions can not only increase advanced production capacity and improve production efficiency, opening up new paths for sustainable economic and social development, but also stimulate investment, promote consumption, and improve the quality of life of the people. Since the issuance of the "Action Plan for Promoting Large scale Equipment Renewal and Consumer Goods Trade in" in March this year, measures related to "two new" have been rapidly refined and promoted, effectively driving economic growth. According to the data of the National Bureau of Statistics, in the first half of the year, the investment in equipment and tools purchase increased by 17.3% year on year, driving the investment in fixed assets investment up by 2.1 percentage points, with a contribution rate of 54.8%; The investment in technological transformation of manufacturing industry increased by 10.0%, which is 0.5 percentage points higher than the investment in manufacturing industry; The output of metal smelting equipment, machine tool numerical control devices, and specialized equipment for agricultural product processing above a certain scale increased by 19.7%, 19.2%, and 49.4% respectively year-on-year; The retail sales of household appliances and audio-visual equipment by units above the quota increased by 3.1% year-on-year, an increase of 2.1 percentage points compared to the same period last year. As of 12:00 on June 25th, the Ministry of Commerce's automobile trade in information platform has received approximately 113000 applications for automobile scrapping and renewal subsidies, with the application volume showing an accelerating growth trend. At the meeting of the Political Bureau of the Central Committee of the Communist Party of China held on July 30, it was pointed out that we should speed up the issuance and use of special bonds, make good use of ultra long term special treasury bond, support the construction of security capacity in major national strategies and key areas, and make greater efforts to promote large-scale equipment renewal and trade in large quantities of durable consumer goods. Various regions are stepping up the implementation of policy spirit and promoting the "two new" work based on their actual conditions, such as launching large-scale equipment renewal "door-to-door services" for key energy consuming enterprises, "renovation" projects for home decoration, kitchen and bathroom, and providing support policies such as loan interest subsidies. Driven by policies and coordinated by various regions, the implementation of the "two new" actions is expected to further deepen, contributing to the smooth circulation of the national economy and improving the quality of life for thousands of households. (New Society)