Ever rising in Beijing's push to raise consumption, ‘two new’ refers to large-scale equipment upgrades and consumer trade-ins, ranked among the top ten 2024 domestic media buzzwords. Xi, in February 2024, introduced this as a ‘new round’ of upgrades and trade-ins; though newly coined, the term is essentially an amalgamation and ramp-up of the 2009 home appliance trade-ins and 2016 equipment upgrade scheme. ‘Two new’ is commonly paired with ‘two key’ as in 两新两重, a shortening for key strategic projects and capacity building in key security sectors. The two concepts underscore a growing priority to boost consumption and investment towards high-tech and advanced manufacturing to speed up the industrial upgrade and economic transition.