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This is a monetary-policy relending facility, not a border measure. The science-and-technology-innovation and equipment-renewal relending tool (科技创新和技术改造再贷款) was created in April 2024, jointly by the PBOC and the Ministry of Science and Technology, to subsidize bank lending rates for qualifying tech-innovation and equipment-upgrade loans. On 2026-01-15 the PBOC increased the facility's total quota by CNY 400bn to CNY 1.2 trillion, and widened eligibility from 2026 onward to private SMEs with high R&D intensity — a segment the original 2024 design under-served relative to state-linked and large private enterprises. This runs in parallel to, and is distinct from, the same-day CNY 500bn agriculture/SME relending expansion and CNY 1tn private-enterprise relending carve-out announced at the 2026-01-15 SCIO press conference (2026-01-15-china-pboc-cny500bn-relending-quota-private-enterprise-1tn) — that facility targets general SME/private-firm credit, while this one is scoped specifically to tech-innovation and equipment-renewal lending.
Severity is set at 3: the disclosed CNY 400bn top-up (severity_basis: quant) is a meaningful expansion of a standing national credit-support tool, comparable in scale to the parallel agriculture/SME relending increase announced the same day, but — like other PBOC relending facilities — it works by subsidising bank funding cost rather than direct fiscal outlay, keeping it below direct-subsidy or equity-injection industrial-policy actions in the register.
(alongside the MOF interest-subsidy scheme, 2026-01-19-china-equipment-renewal-loan-interest-subsidy-expansion) further into the private SME segment, broadening the domestic-demand base beyond large industrial borrowers.
(2024-03-13-china-state-council-two-new-equipment-renewal-trade-in-action-plan), adding a monetary-policy leg to the fiscal one.
has actually been drawn down vs. remaining headroom.
implementing rules not yet public.