On October 16, during a press conference held by the Hunan Provincial Government’s Information Office in Changsha, officials shared updates on the province’s “Two Heavy, Two New” initiative designed to stimulate economic growth and consumer confidence. This action has led to the launch of 2,115 projects seeking ultra-long-term special government bonds and is set to kick off 189 major projects within the year.
According to the latest reports, Hunan has actively aligned with national policies under the “Two Heavy, Two New” framework by introducing a range of local policies tailored to meet market demands. These include guidelines for consumer goods trade-in programs and support for key sectors such as transportation, agriculture, and disaster-affected areas. Efforts also extend to industrial upgrades, covering transportation equipment, new energy city buses, agricultural machinery, and home appliances.
Notably, nearly 20,000 officials have been engaged in the initiative, with local-level teams visiting over 50,000 enterprises to ensure comprehensive coverage across industrial parks and businesses. They have collected more than 14,000 issues and 4,500 suggestions from large-scale enterprises, and have hosted numerous forums to collaboratively resolve reported problems.
From January to September, Hunan submitted 2,115 projects for ultra-long-term special bonds, successfully securing around 27.9 billion yuan from the national budget, with additional funding for equipment upgrades expected soon. The province has ambitious plans for 2025, with 7,936 major projects already lined up, representing a total investment of 1.83 trillion yuan and a funding requirement of 746.1 billion yuan.
In terms of project progress, 390 key projects have already exceeded their investment plans, with high commencement rates for both national budget and special bond projects. All 189 “Two Heavy” projects slated for this year are on track to start, with significant advancements in preliminary work for projects like the Changgan, Tongji, and Miluo power plants.
The “Two New” aspect has also seen impressive results, with nearly 90,000 vehicles replaced or recycled, driving sales exceeding 14.5 billion yuan and an impressive uptick in the vehicle exchange rate compared to previous months. September alone saw over 430,000 home appliances replaced, contributing around 1.87 billion yuan to consumer spending.
As of now, the provincial finance department has allocated approximately 20 billion yuan from central and provincial budgets and over 23.1 billion yuan in ultra-long-term bond funding to support these initiatives. Additional loans for equipment upgrades and sector-specific funds have been organized to further secure financing for key projects.
Looking ahead, Hunan plans to maintain its “Two Heavy, Two New” service model to ensure swift implementation of national policies, optimize resource allocation, and enhance the impact of governmental incentives. This approach aims to benefit various enterprises and consumers across the province substantially.
