On February 10, 2025, China's Ministry of Housing and Urban-Rural Development, together with the National Development and Reform Commission and the Ministry of Finance, officially issued the Implementation Plan for Promoting Equipment Renewal in Construction and Municipal Infrastructure, comprehensively deploying the national equipment renewal work in construction and municipal infrastructure from 2024 to 2027, listing the renewal of old residential elevators as a core key task. The core contents of the plan include: First, clarify the renewal scope, giving priority to covering residential elevators that have been used for more than 15 years, elevators registered before 2009 with high operation failure rates, taking into account old elevators that have been used for more than 20 years and registered before 2004, and also including elevators in public institutions and public places; Second, financial support policies, the central finance allocates 150 billion yuan of special subsidies from the ultra-long-term special treasury bonds, the maximum subsidy for a single renewed elevator is 150,000 yuan, and the subsidy for renovated elevators is 50,000 yuan. The funds are jointly borne by treasury bonds, local finance, residents' self-raised funds (maintenance funds, provident funds) and social capital; Third, implementation mechanism, simplify the approval process, allow declaration on a unit basis, encourage the "government + social capital" cooperation model, and promote innovative services such as online elevator selection and zero down payment; Fourth, renovation standards, the renewed elevators must comply with the latest standards of GB/T 7588 Safety Code for the Construction and Installation of Elevators and GB/T 42615 Safety Assessment Code for In-use Elevators, meeting the requirements of safety and durability, green environmental protection, and intelligent interconnection; Fifth, support for elevator installation, encourage the installation of elevators with flat-floor access, simplify the installation approval, and provide financial subsidies for eligible elevator installation projects in existing residential buildings. The plan clarifies that by the end of 2027, the renovation of elevators with backward technology, non-compliance with safety standards, and substandard energy conservation and environmental protection will be fully completed, and it is expected that more than 160,000 elevators will be renovated nationwide.