Since 2025, the National Development and Reform Commission has earnestly implemented the decisions and deployments of the Party Central Committee and the State Council regarding the implementation of the "Two New" policies. In conjunction with relevant departments and local governments, it has optimized the scope of support for equipment updates, improved project application review standards, strictly ensured project selection, and promoted equipment updates in key areas. Recently, the investment subsidy fund of 188 billion yuan from the 2025 ultra-long-term special government bonds to support equipment updates has been fully allocated, supporting approximately 8,400 projects in fields such as industry, energy-using equipment, energy and electricity, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, old residential elevators, electronic information, facility agriculture, grain and oil processing, safety production, and recycling. This has driven total investment exceeding 1 trillion yuan. In the next step, the National Development and Reform Commission will continue to strengthen overall coordination in accordance with the decisions and deployments of the Party Central Committee and the State Council, solidly advance project construction, promote the formation of more physical workload as soon as possible, strictly manage project and fund closure, and ensure that central funds are effectively utilized to better leverage the effectiveness of the "Two New" policies