Since the beginning of this year, our country has continuously increased the intensity of counter-cyclical regulation, effectively implementing the macroeconomic policies that have been introduced, and consistently enhancing the alignment of macroeconomic policy orientations. Macroeconomic policies have been continuously strengthened, proactively implemented, and synergized. Among them, the "Two New" and "Two Major" policies are key focus areas for this year's economic work, and are also important tools for expanding domestic demand and promoting high-quality development. What exactly are the "Two New" and "Two Major" policies, and what are their implementation effects? Let's take a closer look.

Issuing ultra-long-term special sovereign bonds to support "two priorities" construction is a significant measure to implement a package of incremental policies aimed at promoting high-quality economic development. The picture shows the accelerated progress of the Chengdu Sci-Tech Innovation Eco-Island project on [date]. Photo by Xinhua News Agency reporter Liu Kun.

The so-called "two priorities" refer to the implementation of major national strategies and the construction of security capabilities in key areas. Issuing ultra-long-term special treasury bonds to support the "two priorities" is a significant measure to promote high-quality economic development through a package of incremental policies. The annual Government Work Report clearly proposed that, starting from this year, ultra-long-term special treasury bonds will be issued for several consecutive years, specifically earmarked for the implementation of major national strategies and the construction of security capabilities in key areas, with an initial issuance of 1 trillion yuan this year. In the first three quarters, ultra-long-term special treasury bonds have been issued cumulatively amounting to hundreds of billions of yuan, with the issuance rates generally remaining stable, providing strong support for high-quality construction of the "two priorities" and expanding effective investment.

Since the implementation of the "Two New" and "Two Heavy" policies, what have been their effects? An article by the Party Leadership Group of the National Bureau of Statistics of China published in the latest issue of *Qiushi* Magazine, titled "The National Economic Operation is Stable with Progress, and Factors for Improvement and Growth are Accumulating," provides an analysis: Since the third quarter, the "Two New" policies have been further strengthened and expanded, with all the special treasury bonds funds allocated in full, and relevant supporting regulations and support policies have been introduced successively; the "Two Heavy" efforts have been sustained, with project construction and fund allocation being accelerated. As the "Two New" and "Two Heavy" policies continue to take effect, the policy efficacy is being released at an accelerated pace, effectively stimulating the potential of domestic demand.

In the first three quarters, investment in the purchase of equipment and tools increased by .%, contributing .% to the overall growth in investment, an increase of . percentage points compared to the first half of the year. In September, retail sales of household appliances and audio-visual equipment from units above the designated size grew by .%, significantly accelerating by . percentage points from the previous month. Retail sales of automobiles, furniture, and cultural and office supplies all turned from negative to positive growth. At the same time, the effects of policies have also been transmitted through the economic cycle to the supply side, driving accelerated production in related fields. In the first three quarters, the output of products related to equipment renewal, such as food manufacturing machinery, specialized equipment for agricultural product processing, and metal smelting equipment, increased by .%, .%, and .% respectively. Products related to the replacement of consumer goods, such as new energy vehicles, household freezers, and room air conditioners, also maintained rapid growth.

The construction of "two priorities" projects is continuously advancing, with physical work progress being formed in an orderly manner, injecting more momentum into stable economic growth. Currently, all the funds allocated from the trillion-yuan ultra-long-term special treasury bonds for "two priorities" projects have been fully allocated to specific projects. A number of major projects that reflect the nature of "two priorities" and national will have been arranged, supporting the rapid construction of major projects such as the Yangtze River high-speed railway, high-standard farmland construction in Northeast China, "double first-class" universities, urban underground pipelines, energy conservation and carbon reduction retrofits in key areas, and the "Three Norths" protection project.