Industrial Policy & Trade Monitor· 2665 actions· ✨ 90 recent

On 21 January 2026 the Government of the Russian Federation, via Order No. 50-р signed by Prime Minister Mikhail Mishustin, allocated an additional RUB 26.5 billion (approx. USD 290 million) from the federal budget to continue the 2026 preferential agricultural lending programme administered with the Ministry of Agriculture. The funds subsidise short-term loans for seasonal fieldwork inputs (fuel, seed, mineral fertiliser) and maintain the concessional interest rate on loans to dairy-cattle producers. With this allocation, total 2026 federal subsidisation of the preferential agricultural credit programme reaches RUB 150.1 billion.

China's Ministry of Finance, NDRC, Ministry of Industry and Information Technology, People's Bank of China and National Financial Regulatory Administration jointly issued Cai Jin [2026] No. 4 on 2026-01-19, establishing a central-fiscal loan interest-subsidy scheme for micro, small and medium-sized enterprises (MSMEs) operating in 14 designated industrial-chain and emerging-industry sectors. Eligible loans originated from 2026-01-01 receive a 1.5-percentage-point annual interest subsidy for up to two years, capped at RMB 50 million in principal per enterprise (maximum subsidy RMB 1.5 million per enterprise). The policy is tentatively set to run one year with a possible extension.

At a 2026-01-15 State Council Information Office press conference, PBOC Deputy Governor and spokesperson Zou Lan announced eight structural monetary-policy measures, including a CNY 500 billion increase to the agriculture/small-business relending-and-rediscount facility (支农支小 再贷款), within which a new CNY 1 trillion private-enterprise relending line (民营企业再贷款) is carved out to target small and medium-sized private firms specifically. The PBOC also cut relending/rediscount rates across all structural tools by 0.25 percentage points effective 2026-01-19 (one-year relending rate down from 1.5% to 1.25%).

On 31 December 2025 Mexico's Secretaría de Agricultura y Desarrollo Rural (SADER) published the Acuerdo setting the Reglas de Operación (operating rules) of the "Fertilizantes para el Bienestar" programme for fiscal year 2026 in the Diario Oficial de la Federación. The programme's budget rises to MXN 18.2 billion for 2026, up from MXN 17.5 billion in 2025 (+4%), and continues direct in-kind fertilizer distribution to small-scale producers of priority staple crops (corn, beans, rice) prioritizing women, Indigenous communities, and producers in the country's most marginalized rural municipalities. Global Trade Alert classifies the programme as carrying both a production-subsidy and a local-content-requirement component, effective 1 January through 31 December 2026.

On 27 December 2025 the Government of the Russian Federation, via an order signed by Prime Minister Mikhail Mishustin, allocated an additional RUB 5 billion (approx. USD 63.9 million) from the government's reserve fund to subsidise preferential interest rates on investment and short-term loans to agricultural producers and processors of crop products. The order amends the government's August 2025 preferential-lending distribution and brings total federal subsidisation of the 2025 preferential agricultural credit programme to RUB 41.7 billion. The measure preserves the subsidised rate on previously issued loans rather than creating new credit lines, freeing working capital for producers to expand output.

The Bank of Thailand and Ministry of Finance, together with the Thai Bankers' Association and Association of International Banks, launched "SMEs Credit Boost," a THB 20 billion (~USD 580 million) new loan-guarantee facility funded through a temporary reduction in commercial banks' 2026 FIDF (Financial Institutions Development Fund) contribution rather than new fiscal spending. The scheme guarantees 15-30% of new bank lending to SMEs and qualifying larger firms in government-prioritised "Reinvent Thailand" sectors, is projected to catalyse roughly THB 100 billion in new credit over 1-2 years, and took effect 2026-01-15.

On 17-18 December 2025 the Welsh Government published the final guidance and rules booklet for the Sustainable Farming Scheme (SFS) — Universal Layer, the successor to the EU-era Basic Payment Scheme (BPS) for Welsh agriculture. The Universal Layer took effect 1 January 2026 and pays a whole-farm baseline (GBP 70/ha for the first 70 hectares tapering to GBP 2/ha thereafter, plus a GBP 107/ha Social Value Payment, habitat and woodland maintenance payments, and a one-off GBP 1,000 Stability Payment for farms ≤100ha) across roughly 905,545 hectares of declared Welsh farmland. Global Trade Alert records the scheme's Universal Layer tranche at GBP 238 million and classifies it as a financial grant / production subsidy; it carries no explicit foreign-sourcing restriction but, as a domestic whole-farm income-support transfer replacing the former EU BPS, structurally continues UK/devolved agricultural production support post-Brexit.

On 15 December 2025 the Government of the Russian Federation, via Order No. 3758-р signed by Prime Minister Mikhail Mishustin, allocated an additional RUB 60.58 billion (approx. USD 759 million) from the government's reserve fund to subsidise interest payments and provide financial grants to Russian credit organisations supporting preferential loans to agricultural producers. The allocation preserves preferential interest rates on roughly 48,000 previously issued loans, freeing working capital for producers to expand output of cereals, fruit and vegetables. It brings total 2025 federal subsidisation of the preferential agricultural credit programme to RUB 250.1 billion.

On 12 December 2025 India's Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved higher Minimum Support Prices (MSP) for copra for the 2026 marketing season (January-April 2026). The MSP for milling copra (Fair Average Quality) rises to Rs 12,027 per quintal, up Rs 445 (+3.8%) from the 2025 season, while the MSP for ball copra rises to Rs 12,500 per quintal, up Rs 400 (+3.3%). Procurement is executed nationally through NAFED and NCCF as Central Nodal Agencies under the Price Support Scheme (PSS)/PM-AASHA umbrella, primarily benefiting coconut growers in Kerala, Karnataka and Tamil Nadu, and structurally disadvantages coconut/copra-based edible-oil imports and re-exports competing with subsidized domestic supply, including from Indonesia.

On 12 December 2025 USDA Deputy Secretary Stephen A. Vaden signed a USD 38.1 million block grant agreement with the Tennessee Department of Agriculture (TDA) to cover agricultural infrastructure and timber losses, plus future economic and market losses, suffered by Tennessee producers from Hurricane Helene (2024). The grant is administered by TDA under a state block-grant model and is funded out of the broader USD 30 billion disaster-assistance authorization in the American Relief Act, 2025, under which USDA is running parallel block-grant negotiations with 14 states.

On 10 December 2025, USDA Secretary Brooke L. Rollins, alongside HHS Secretary Robert F. Kennedy Jr. and CMS Administrator Dr. Mehmet Oz, launched a USD 700 million Regenerative Pilot Program to lower American farmers' production costs and support adoption of regenerative agriculture practices. USDA is dedicating USD 400 million through the Environmental Quality Incentives Program (EQIP) and USD 300 million through the Conservation Stewardship Program (CSP) to fund FY2026 regenerative-agriculture projects. The program consolidates soil/water/resource conservation planning into a single whole-farm application, framed as part of the administration's "Make America Healthy Again" (MAHA) agenda, and is open to both beginning and advanced producers applying through local NRCS Service Centers by state ranking dates.

The National Reconstruction Fund Corporation (NRFC), Australia's AUD 15 billion sovereign industrial-financing vehicle, committed AUD 45 million (~USD 30 million) of debt as part of The Arnott's Group's AUD 1.75 billion debt refinancing, arranged alongside KKR Capital Markets, Morgan Stanley and MUFG and announced 8 December 2025. NRFC classifies the deal under its "Value Adding in Agriculture" priority area, citing the funding's role in supporting advanced manufacturing capability across Arnott's five Australian factories (~2,500 employees) as the biscuit maker scales exports, including the Tim Tam brand's international rollout (5 million+ packs sold in the UK since an April 2024 launch; US entry via Albertsons in May 2025). It is NRFC's second investment in the agriculture value-add priority area and its third debt investment overall, part of a cumulative 17 NRFC investments totalling roughly AUD 1.02 billion to date.

On 2025-12-08 President Trump and USDA Secretary Brooke Rollins announced a one-time USD 12 billion Farmer Bridge Payments package for US row-crop and specialty-crop producers, framed as relief for market disruption, elevated input costs, and export losses tied to "years of failed trade and economic policies." Up to USD 11 billion funds the new Farmer Bridge Assistance (FBA) Program covering barley, chickpeas, corn, cotton, lentils, oats, peanuts, peas, rice, sorghum, soybeans, wheat, canola, crambe, flax, mustard, rapeseed, safflower, sesame and sunflower; the remaining USD 1 billion is reserved for specialty crops and sugar. USDA published final per-acre payment rates on 2025-12-31 (e.g. rice USD 132.89/acre, cotton USD 117.35, corn USD 44.36, soybeans USD 30.88, wheat USD 39.35), with payments subject to a USD 900,000 AGI cap and a USD 155,000 per-person/entity payment limit, and disbursement targeted by 2026-02-28.

On 1 December 2025, the African Development Bank Group's Board of Directors approved a USD 200 million first tranche of a Multi-Tranche Financing Facility supporting Phase II of Nigeria's Special Agro-Industrial Processing Zones (SAPZ) Program. The tranche funds food processing infrastructure across 10 Agro-Industrial Hubs in 10 Nigerian states, with two further tranches to extend coverage to 27 additional states. The facility is projected to mobilise USD 1.5 billion in follow-on private investment (on top of over USD 600 million already raised during preparation) and to create roughly 1.1 million jobs. Global Trade Alert logs the transaction as a state-linked development-finance intervention supporting local farmers, youth enterprises and MSMEs.

On 12 November 2025, during COP30 in Belém, the Inter-American Development Bank (IDB) and Brazil's national development bank BNDES signed a letter of intent to enable USD 1 billion (approximately R$5.3 billion) in financing for micro, small, and medium-sized enterprises (MSMEs) operating in four of Brazil's strategic biomes: Amazon, Cerrado, Caatinga, and Pantanal. The programme, named PRÓ-BIOMAS, channels an IDB loan to BNDES that will fund productive investments — machinery, equipment, vehicles, and digitalisation — through accredited financial institutions, with roughly 75% of resources earmarked for the Amazon biome and the remaining 25% split across Cerrado, Caatinga, and Pantanal. Implementation still requires BNDES to route a request through Brazil's External Financing Commission (Cofiex, part of the Ministry of Planning and Budget) to obtain federal-guaranteed IDB financing.

On 31 October 2025 the Government of the Russian Federation, via Order No. 3080-р signed by Prime Minister Mikhail Mishustin, allocated more than RUB 34.6 billion (approx. USD 428.8 million) to subsidise preferential loans for Russian agricultural producers. The allocation provides financial grants and interest-payment subsidies to credit organisations that issue short-term and investment loans to farmers and processors at below-market rates under the standing federal preferential-lending programme. The measure was published on the government's official portal on 1 November 2025.

North Rhine-Westphalia's state government issued a Runderlass (administrative circular) on 28 October 2025 promulgating the "Richtlinie über die Gewährung von Zuwendungen zur Förderung der nachhaltigen Waldbewirtschaftung in forstwirtschaftlichen Zusammenschlüssen" — a directive granting subsidies of up to 80% of eligible expenses (up to 90% for associations governed by the Gemeinschaftswaldgesetz / Community Forest Act) to forestry cooperatives and associations for sustainable forest-management services. The measure targets the structural disadvantage of NRW's highly fragmented private-forest ownership, most of which is organised in small forestry cooperatives, by funding cross-farm cooperation and improving cooperatives' position in the timber value chain. It took effect the day after signature and was published in the Ministerialblatt NRW (No. 139) on 3 November 2025; Global Trade Alert logs it as a "red" (certainly harmful) financial-grant state-aid intervention.

On 30 September 2025 USDA Secretary Brooke L. Rollins announced a USD 38.3 million block grant agreement with the South Carolina Department of Agriculture (SCDA) to fund recovery assistance for agricultural producers hit by Hurricane Helene (2024). SCDA will design and administer the program, which covers infrastructure and timber losses plus future economic and market losses not addressed by other USDA disaster programs. The grant is drawn from the USD 30 billion disaster-assistance authorization in the American Relief Act, 2025, under which USDA is negotiating parallel block-grant agreements with 14 states.

Innovate UK, co-funded by the Department for Environment, Food and Rural Affairs (DEFRA), opened a GBP 7.8 million competition on 15 September 2025 under the Farming Innovation Programme's industry-led R&D Partnerships Fund ("Small R&D Partnership Projects", Round 4). The competition funds collaborative agri-tech R&D projects with total eligible costs of GBP 1-3 million each, aimed at improving productivity, sustainability, resilience and net-zero transition for English farmers, growers and foresters. It is open to UK businesses of any size, provided the collaboration includes at least one SME and no single partner exceeds 70% of eligible costs; the competition closed for applications on 5 November 2025.

Australia's government-owned Clean Energy Finance Corporation announced on 8 September 2025 an AUD 50 million commitment (alongside AUD 200 million from Canadian institutional investor La Caisse) to launch Meldora, an AUD 250 million diversified agriculture and carbon platform managed by Gunn Agri Partners. Meldora combines sustainable broadacre and irrigation farming with large-scale environmental plantings under the Australian Carbon Credit Unit (ACCU) scheme; its first asset is a 15,000+ hectare farm in Central Queensland. Rio Tinto has signed a long-term offtake agreement for part of the ACCUs to be issued, acting as foundation offtaker. Global Trade Alert separately logs the transaction as a "red"-flagged state-aid intervention (state act 94306 / intervention 149184).

On 5 September 2025 President Lula signed Medida Provisória (MP) 1.314/2025, authorizing the use of financial surplus from Treasury- supervised sources and financial institutions' free resources to open rural credit lines for liquidating or amortizing debts of rural producers and agricultural cooperatives hit by adverse climate events (drought/flood losses in two or more harvests between July 2020 and June 2025). A companion MP, 1.316/2025 (17 September 2025), opened the BRL 12 billion (~USD 2.2bn) extraordinary credit funding the program. Rates are tiered by producer size — 6%/year for Pronaf family farmers (up to BRL 250k), 8%/year for Pronamp medium producers (up to BRL 1.5m), and 10%/year for other producers (up to BRL 3m) — with repayment terms up to nine years including a one-year grace period; contracting was open through 10 February 2026.

On 29 August 2025 the Australian Government announced an additional AUD 1 billion in loan funding for the Regional Investment Corporation (RIC), taking cumulative RIC loan support for the agriculture sector to over AUD 5 billion. The package creates a new Drought Hardship Loan for farmers affected by drought for at least 24 months (borrowing up to AUD 250,000 over a five-year term, interest accruing but repayments fully deferred for the first two years), and broadens RIC's mandate to also support climate resilience, sector productivity, and agriculture's transition toward net zero. The measure is a concessional state-loan facility, not a border instrument, and does not target any specific foreign country.

On 22 August 2025, Brazil's Ministry of Agrarian Development and Family Farming (MDA) and Ministry of Agriculture and Livestock (MAPA) issued joint Portaria Interministerial MDA/MAPA nº 12/2025, part of the "Plano Brasil Soberano" response to the US 40% IEEPA tariff on Brazilian goods (Executive Order 14323). The ordinance creates an exceptional, emergency-character public-procurement channel under Law nº 14.133/2021 and Medida Provisória nº 1.309/2025, allowing federal, state and municipal public administration to buy açaí, coconut water, cashew nuts, Brazil nuts, mangoes, honey, fresh grapes and select fish (corvina, snapper, tilapia and other fresh/frozen fish) directly from producers and exporters who can document lost US sales since January 2023. Beef and coffee are explicitly excluded from the eligible-product list.

On 20 August 2025 the Business Development Bank of Canada (BDC), a federal Crown corporation, launched the Industrial Innovation Venture Fund II (I²VF II) with a CAD 200 million (USD 144.4 million) commitment to back early-stage, high-growth companies developing productivity technologies for advanced manufacturing, mining and extractive industries, and agriculture/food. The fund expands on Fund I (2019, 20+ portfolio companies) with a widened focus on critical minerals alongside robotics, automation, applied AI and industrial software. BDC frames the fund as a response to Canada's productivity gap, which EVP Geneviève Bouthillier described as "especially acute in sectors like manufacturing, mining, and agriculture."

The People's Bank of China announced on 2025-08-19 an additional CNY 100 billion (~USD 14 billion) in agriculture/small-business relending quota (支农支小再贷款), directing provincial branches to push financial institutions toward greater credit support for flood- and disaster-affected business entities in Beijing, Hebei, Jilin, Shandong and Gansu, with priority for micro/small enterprises, individual businesses, and agricultural and livestock operators. The facility lowers the effective cost of bank funding for the targeted borrower categories via below-market central-bank relending rather than a direct fiscal transfer.

On 28 July 2025 the Welsh Government published the formal UK subsidy control registration (subsidy reference SC11324) for the Integrated Natural Resources Scheme (INRS), a GBP 10 million grant programme under the Agriculture (Wales) Act 2023 that funds collaborative land-management projects by groups of farmers, foresters and land managers. Individual project-delivery grants range from GBP 250,000 to GBP 1,000,000 for activities such as woodland creation, natural flood-risk management, wetland and habitat restoration, and water-quality improvement. The scheme runs 19 December 2024 to 31 March 2028 and is designed to feed into the Collaborative Layer of the wider Sustainable Farming Scheme (SFS), which replaced the EU-era Basic Payment Scheme.

On 22 July 2025, BNDESPAR — the equity-investment arm of Brazil's national development bank BNDES — approved a BRL 114 million (approx. USD 20.5 million) minority equity subscription in Grupo Santa Clara, a Ribeirão Preto (São Paulo)-based producer of special fertilizers and bioinputs founded in 1997. The deal gives BNDESPAR a 19.9% stake, implying a company valuation near BRL 570 million, and is BNDESPAR's first direct variable-income (equity) operation since the bank reactivated its equity-participation strategy in June 2025 — a decade after its last direct stock investment. Proceeds are earmarked to expand Santa Clara's biofactory in Jaboticabal (SP) and fund the group's growth plan toward BRL 1 billion in revenue by 2030.

On 21 July 2025 the African Development Bank Group's Board of Directors approved a EUR 100 million (~USD 116.6 million) loan to Morocco for an Inclusive Solidarity-Based Agriculture Program targeting women and youth entrepreneurs. The program funds new agricultural production and service infrastructure, tailored financing and incentive mechanisms, and technical/financial support systems to boost food security and climate resilience among small-scale farmers, in support of Morocco's Green Generation 2020-2030 Strategy, National Solidarity Agriculture Program, and National Youth Entrepreneurship Program. Global Trade Alert logs the transaction as a state-linked in-kind grant/development-finance intervention.

China's Ministry of Finance, jointly with the Ministry of Agriculture and Rural Affairs, allocated CNY 197 million (~USD 27 million) in central-government agricultural disaster-prevention and relief funds on 2025-07-12, supporting Hubei, Hunan, Guangdong, Guangxi, Chongqing, Guizhou and Yunnan (7 provinces/autonomous regions/municipalities) respond to flood and typhoon damage. The funds subsidise crop replanting, repair of disaster-damaged agricultural facilities, and farmland drainage/dredging, aiming to protect the autumn grain harvest.

On 11 July 2025 the Portuguese Prime Minister, Luís Montenegro, and the European Investment Fund (EIF) launched "InvestEU Fomento-FEI," an InvestEU Member State Compartment programme backed by EUR 450 million from Portugal's Recovery and Resilience Plan, a EUR 50 million public guarantee from the State Budget, and EUR 490 million of EIF resources. The programme is expected to mobilize over EUR 6.5 billion in financing for more than 40,000 Portuguese SMEs, small MidCaps and individuals investing in innovation, digitalisation, sustainability, competitiveness and agriculture, and is the largest InvestEU Member State Compartment volume mobilized across Europe to date.

On 9 July 2025 Brazil's Ministry of Integration and Regional Development (MIDR) made BRL 1 billion (~USD 183 million) available for rural microcredit to low-income family farmers enrolled in Pronaf B, split evenly between the Constitutional Financing Fund for the Center-West (FCO, BRL 500m) and the Constitutional Financing Fund for the North (FNO, BRL 500m). Loans carry a 0.5% annual interest rate, a 12-month grace period, and are capped at BRL 15,000 for women, BRL 12,000 for men, and BRL 8,000 for young farmers. Banco do Brasil operates the FCO line and Banco da Amazônia the FNO line, with Caixa Econômica Federal newly added as an operating partner; Sudeco and Sudam coordinate regional allocation.

On 9 July 2025 USDA Secretary Brooke L. Rollins announced the Supplemental Disaster Relief Program (SDRP), making USD 16 billion in congressionally mandated assistance available to producers who suffered eligible crop losses from qualifying natural disasters in 2023 and 2024. The Farm Service Agency is delivering the assistance in two stages: Stage One (opened 10 July 2025) covers producers who already received crop insurance or Noninsured Crop Disaster Assistance Program payments for the affected years; Stage Two, covering shallow and uninsured losses, was slated to begin in early fall 2025. Eligible disasters include wildfires, hurricanes, floods, derechos, excessive heat, tornadoes, winter storms, freeze events, smoke exposure, excessive moisture, and qualifying drought, across row crops, specialty crops, and perennial crops.

Brazil's national development bank BNDES approved a BRL 100 million (~USD 18 million) financing package for BRQ Digital Solutions, funded through the BNDES Mais Inovação program, to build 17 technical accelerators for the company's proprietary generative-AI platform "Fusion BRQ." The operation is aligned with Mission 4 (Digital Transformation) of Nova Indústria Brasil, the federal government's industrial policy, and is projected to create roughly 60 new R&D jobs. The AI platform targets accelerated software development across finance, healthcare, energy, insurance, retail, agriculture and telecom client sectors.

France's Ministry of Agriculture, acting through FranceAgriMer, opened a EUR 45 million call for projects on 30 June 2025 to fund research and development of alternatives to chemical crop protection products (phytopharmaceuticals). The call — part of the PARSADA strategic plan launched in spring 2023 to anticipate a potential EU-level withdrawal of active substances — funds 3-to-5 year projects at 40-100% of eligible costs, capped at EUR 7.5 million per project, across eight agricultural sectors. Applications are accepted on a rolling basis through 31 December 2026.

The European Commission approved a Czech national framework state aid scheme, worth an estimated €279.1 million, on 24 June 2025. The scheme is structured as an ex-ante contingent programme: it pre-authorises Czechia to compensate companies of all sizes active in the fishery and aquaculture sector for lost income and damages once a natural disaster or adverse climatic event affecting the sector is officially recognised. The scheme runs through 31 December 2031. Global Trade Alert logged the measure as a financial-grant intervention.

Brazil's national development bank BNDES approved BRL 133.2 million (approx. USD 23.5 million) in financing to Coopavel Cooperativa Agroindustrial, a Paraná-based agricultural cooperative, toward a BRL 144.3 million total investment. The operation was structured under the Plano Safra framework using resources from the Programa para Construção e Ampliação de Armazéns (PCA) and Prodecoop. Funds expand and modernize grain-receiving and input-sale units in Três Barras and Céu Azul (Paraná), lifting combined storage capacity by roughly 19,600 tonnes and raising annual feed-ration output from 630,000 to 690,000 tonnes.

On 13 May 2025 China's Ministry of Finance announced the allocation of EUR 138.7 million (USD 154.1 million) to Hubei Province to fund a project supporting low-carbon agriculture and soil health improvement. The transfer passes through World Bank IBRD loan P505267 ("Low-Carbon Agriculture and Soil Health Improvement Program"), a USD 150 million loan approved by the World Bank's Board of Executive Directors on 2 May 2025 as part of a USD 812.4 million program (USD 662.4 million from Hubei government co-financing). The Hubei Provincial Department of Agriculture and Rural Affairs implements the program across five demonstration counties (Xian'an District and Chibi City in Xianning, Hefeng County in Enshi Prefecture, and Zhushan and Yunxi Counties in Shiyan), targeting reduced GHG emissions, increased soil carbon sequestration, and improved productivity of degraded farmland via sustainable soil management and climate-smart agriculture practices.

NIB, the multilateral development bank owned by the eight Nordic and Baltic member states, signed a five-year NOK 250 million (EUR 26 million) onlending facility with SpareBank 1 Helgeland, a regional savings bank in Helgeland County, northern Norway. The facility is part of NIB's Arctic Facility and finances onward lending to SMEs and smaller mid-cap companies across agriculture, aquaculture, real estate, and construction, as well as environmental projects in the region. It is the third loan agreement between NIB and the bank, following an earlier SME-only facility and a renewable-energy loan. NIB financing is priced at preferential development-bank rates relative to commercial project finance, functioning as a below-market state-backed subsidy channelled to regional SME lending.

The People's Bank of China announced on 2025-05-07 a CNY 300 billion (~USD 41.4bn) increase to its "支农支小" (support-agriculture, support-small-business) relending quota, taking the facility's total size to CNY 3 trillion. The move is intended to incentivise local corporate financial institutions to expand credit to agriculture-related, small/micro and private enterprises, and was announced alongside a cut to the relending rate and paired increases to PBOC's tech-innovation/equipment-renewal relending quota (+CNY 300bn to CNY 800bn) and a new CNY 500bn service-consumption/elderly-care relending facility, as part of a broader monetary-easing package unveiled at a State Council Information Office press conference.