China has largely scaled up its fiscal firepower toward consumption-boosting initiatives — a top priority on the country's policy agenda for the year ahead — in order to offset sluggish homebuying appetites and possible shocks to overseas demand, analysts said.
分析人士称，中国已大幅加大财政力度推动刺激消费的举措，这是未来一年中国政策议程上的首要任务，目的是抵消购房需求低迷以及海外需求可能受到的冲击。

Along with a consumer goods trade-in program, policymakers will also increase fiscal spending on public services to alleviate financial burdens on households and empower them with greater purchasing power, thus creating necessary conditions for consumption-led growth, they added.
他们还表示，除了实施消费品以旧换新计划外，政策制定者还将增加公共服务方面的财政支出，以减轻家庭的经济负担，并增强他们的购买力，从而为消费引领的增长创造必要条件。

China announced last week in its Government Work Report that it would double ultra-long term special treasury bonds earmarked for its consumer goods trade-in program to 300 billion yuan ($41.39 billion) this year, which was within market expectations.
中国上周在政府工作报告中宣布，今年将用于消费品以旧换新计划的超长期特别国债规模翻倍至 3000 亿元人民币（413.9 亿美元），这在市场预期之内。

The incentives, an expansion from last year's 150 billion yuan program launched in March 2024, will cover 15-20 percent of the purchase price for a wider range of select products, including mid-range smartphones, home appliances and new energy vehicles.
这些激励措施是在 2024 年 3 月启动的 1500 亿元计划基础上的扩展，将涵盖更多选定产品购买价格的 15% 至 20%，包括中高端智能手机、家用电器和新能源汽车。

In early January, the Ministry of Finance had already front-loaded 81 billion yuan in fiscal funding for this year's trade-in program.
今年 1 月初，财政部已经提前拨付了 810 亿元财政资金用于今年的以旧换新计划。

Chen Changsheng, deputy director of the Research Office of the State Council, the country's Cabinet, said, "China faces rising external uncertainty and subdued domestic demand, particularly in the tepid consumption sector."
国务院研究室副主任陈昌盛表示：“中国面临着外部不确定性上升以及国内需求疲软的状况，尤其是在不温不火的消费领域。”

The current macroeconomic environment calls for a more robust policy response to address the challenge of insufficient overall demand, with consumption being a key concern, Chen said.
陈昌盛称，当前的宏观经济环境需要更有力的政策应对措施，以应对总需求不足的挑战，而消费是一个关键问题。

"The expanded bond issuance and enhanced trade-in incentives will provide a much-needed boost to consumption and help drive a moderate rebound in inflation," said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.
金诚国际信用评级首席宏观经济分析师王青表示：“扩大的债券发行规模和增强的以旧换新激励措施将为消费提供急需的提振，并有助于推动通胀适度回升。”

These supportive policies could help propel the year-on-year growth of total retail sales of consumer goods from 3.5 percent in 2024 to around 5.5 percent this year, Wang said, adding, "We cannot rule out the possibility of further intensification of fiscal policies to boost consumption in the coming period."
王青称，这些支持性政策有望推动社会消费品零售总额同比增速从 2024 年的 3.5% 提升至今年的 5.5% 左右。他还补充道：“我们不能排除在未来一段时间内进一步加大财政政策力度以刺激消费的可能性。”

Minister of Finance Lan Fo'an said at a news conference on Thursday, "China has sufficient fiscal policy tools and ample flexibility to effectively respond to potential domestic and external uncertainties."
财政部部长蓝佛安周四在新闻发布会上表示：“中国拥有充足的财政政策工具和较大的政策灵活性，能够有效应对潜在的国内外不确定性。”

Data from the Ministry of Commerce showed on Thursday that, as of March 5, the government had received over 700,000 applications for vehicle replacements.
商务部周四公布的数据显示，截至 3 月 5 日，政府已收到超过 70 万份汽车以旧换新申请。

Meanwhile, over 9.4 million consumers had purchased over 12 million units of home appliances under the trade-in program, while 34 million consumers had applied for subsidies on over 42 million digital products, including smartphones, according to the ministry.
与此同时，商务部的数据显示，已有超过 940 万消费者通过以旧换新计划购买了超过 1200 万台家用电器，3400 万消费者申请了包括智能手机在内的超过 4200 万件数码产品的补贴。

"We believe that domestic consumption in China will gradually recover," said Kelly Zhang, general manager of Bimbo China, adding that the country's efforts to stimulate domestic consumption began to show positive results from the end of last year.
宾堡中国总经理张莉表示：“我们相信中国的国内消费将逐步复苏。” 她还补充说，中国刺激国内消费的努力从去年年底开始已经显现出积极成效。

This will give Grupo Bimbo, a Mexican multinational food company, confidence to deepen its investment in China, helping speed up geographic and category expansion in the market, Zhang said.
张莉称，这将让墨西哥跨国食品公司宾堡集团有信心深化在中国的投资，有助于加快其在中国市场的地域和品类扩张。

"With its 1.4 billion population, China's market presents unparalleled potential for bakery industry growth."
“中国拥有 14 亿人口，其市场为烘焙行业的发展提供了无与伦比的潜力。”

China's policymakers are not only focused on stimulating short-term consumption through the trade-in program, but also increasing fiscal spending in areas such as eldercare, healthcare, employment and education to provide a solid foundation for transitioning to a consumption-driven economic model, said Yang Zhiyong, president of the Chinese Academy of Fiscal Sciences.
中国财政科学研究院院长杨志勇表示，中国的政策制定者不仅专注于通过以旧换新计划刺激短期消费，还在加大在养老、医疗、就业和教育等领域的财政支出，为向消费驱动型经济模式转型奠定坚实基础。

"More funds and resources will be used to serve the people and meet their needs. This will help create more jobs, increase people's incomes and reduce their burdens, and provide more incentives to stimulate consumption," Yang said, citing the Government Work Report.
杨志勇援引政府工作报告称：“更多的资金和资源将用于服务人民、满足人民需求。这将有助于创造更多就业机会、增加人民收入、减轻人民负担，并提供更多刺激消费的激励措施。”

"China has been allocating over 70 percent of its fiscal expenditure to public service sectors directly impacting people's livelihoods over the past few years. This year, China has increased its fiscal deficit to GDP ratio to 4 percent, the highest on record, allowing for a significant expansion in government spending on public services. This will alleviate the financial strain on households, which in turn boosts their overall purchasing power over the long run," Yang said.
杨志勇称：“在过去几年里，中国一直将超过 70% 的财政支出用于直接关系民生的公共服务领域。今年，中国将财政赤字占国内生产总值的比例提高到 4%，创历史新高，这使得政府在公共服务方面的支出能够大幅增加。这将减轻家庭的经济压力，从长远来看，进而提升他们的整体购买力。”

consumption [kənˈsʌmpʃn] n. 消费

trade-in [ˈtreɪd ɪn] n. 以旧换新

fiscal [ˈfɪskl] adj. 财政的

purchasing power [ˈpɜːtʃəsɪŋ ˈpaʊə(r)] 购买力 、分享