The National Development and Reform Commission has issued supporting rules for "two new" initiatives in 12 areas.

The National Development and Reform Commission recently issued supplementary rules for "two new" initiatives across 12 sectors, covering equipment upgrades in eight areas including industrial equipment, energy-consuming equipment, and environmental infrastructure, as well as trade-ins for new consumer goods in four areas including automobiles and home appliances. Implementation plans have been released by 31 provinces, autonomous regions, municipalities directly under the central government, five cities with independent planning status, and the Xinjiang Production and Construction Corps, with over 140 local supplementary rules. The 150 billion yuan in ultra-long-term special sovereign bonds have been allocated to more than 4,600 equipment upgrade projects, and funds for the consumer goods trade-in initiative were disbursed to local governments in early August.

Explanation:

• "Two new": Refers to the renewal of new equipment and the trade-in of new consumer goods.
• Ultra-long-term special sovereign bonds: Bonds with a long maturity period specifically used for designated projects.