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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 y