"Trade-In"Policy to Promote a Virtuous Cycle of Consumption and Investment:Theoretical Logic,Historical Experience and Policy Pathways
How to promote the virtuous cycle of consumption and investment is an important issue facing the current economic devel-opment,and the policy of"trade-in"has attracted extensive attention from theorists and policy makers.Theoretically,the"trade-in"policy superimposed on the"equipment renewal"policy can expand consumption to promote investment,which reflects the im-portance of the demand management strategy in Keynesian economic theory and the consumption investment cycle in neoclassical economic theory,not only in the short term by increasing aggregate demand to promote investment expansion,but also in the long term by improving production efficiency and promoting technological progress to promote the development of new quality productive forces,but practice at home and abroad has proved that the effectiveness of policy implementation in different economies and in dif-ferent contexts shows significant differences.The effect of the"trade-in"policy is also constrained by consumer confidence,entre-preneurs'expectations and policy coherence,and it is necessary to combine the"trade-in"and"equipment renewal"policies with the development goals of new productive forces,improve consumers'marginal consumption propensity,boost entrepreneurs'invest-ment confidence,and coordinate the consistency of macroeconomic policies and non-economic policies.
Trade-InEquipment RenewalConsumption and InvestmentPolicy ConsistencyNew Quality Productivity
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