China has expanded its technology innovation and equipment upgrade relending program from 500 billion yuan to 1.2 trillion yuan this year, as Beijing steps up support for industrial upgrading and equipment renewal.
Speaking at a press conference on Friday, Li Chao, deputy director-general of the National Development and Reform Commission's Policy Research Office, said the program's coverage has been broadened to 14 sectors, including electronic information, artificial intelligence, facility agriculture and consumer commercial facilities.
The relending rate has been lowered from 1.75% to 1.25%, while fiscal interest subsidies for equipment upgrade loans were raised from 1 percentage point to 1.5 percentage points.
Li said private small and medium-sized enterprises with relatively high R&D spending have also been included in the support scope.
Authorities have already launched screening for the first batch of 2026 projects and will forward approved project lists to financial institutions to accelerate financing support.
