Editor's Note: CGTN launches a new series called BizFocus, where anchors and reporters explore the most vibrant business sectors and events in China. Through in-depth interviews with industry experts and on-the-ground coverage, we bring you the latest developments and trends in various business sectors.

China has released a new round of large-scale subsidies aimed at replacing consumer goods and upgrading industrial equipment. These initiatives are designed to boost nationwide consumption and unleash further economic potential. CGTN's Xu Yi and Wang Tianyu explore how these subsidies are helping both people and businesses.