policy interpretation [gf]246f[/gf]丨hunan supports five major areas of technological transformation and equipment renewal re-lending projects
2024-09-14
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hunan daily omnimedia reporter zheng xuan
with the promotion of a new round of large-scale equipment renewal and old-for-new consumer goods, enterprises or project units with technological transformation and equipment renewal plans can apply for refinancing projects and enjoy financial interest subsidies. on september 9, the finance, finance and credit construction division of the provincial development and reform commission explained the relevant policies for the application of technological transformation refinancing projects.
financial institutions apply for re-loans, and enterprises enjoy interest subsidies
the state council's "action plan to promote large-scale equipment updates and consumer goods trade-ins" clearly states that the re-lending policy tool will be used to guide financial institutions to strengthen support for equipment updates and technological transformation; the central government will provide certain interest subsidy support for bank loans that meet the re-lending reimbursement conditions.
what is the re-lending policy? the people's bank of china has set up a re-lending policy for scientific and technological innovation and transformation, with a loan amount of 500 billion yuan, an interest rate of 1.75%, a term of 1 year, and can be extended twice, each time for 1 year.
the recipients include 21 financial institutions, including the national development bank, policy banks, state-owned commercial banks, china postal savings bank, and various joint-stock commercial banks. financial institutions apply to the people's bank of china for re-loans based on the application of enterprises. the people's bank of china reviews the loan ledger and re-loans 60% of the loan principal to financial institutions for loans that meet the requirements on the list of candidate enterprises or project lists.
what is the fiscal interest subsidy policy? in accordance with regulations and procedures, the central government provides certain interest subsidies to 21 national banks for loan projects that apply for re-loans for investment in scientific and technological innovation, technological transformation and equipment renewal.
from march 7 to december 31, 2024, business entities that sign loan contracts, equipment purchase or renovation service purchase contracts, and the relevant loan funds are issued to business entities and transferred to supplier accounts, can enjoy the interest subsidy policy. the central government's interest subsidy for bank loan principals of eligible business entities has been increased from 1 percentage point to 1.5 percentage points, with a subsidy period of 2 years and a total subsidy scale of 20 billion yuan.
chen bingdong, deputy director of the finance, finance and credit construction department of the provincial development and reform commission, said, "the state has combined the re-lending policy with the fiscal interest subsidy policy to effectively reduce the financing costs of enterprises."
focusing on 5 major areas, enterprises can independently apply for projects
the scope of support for technological transformation re-lending is mainly to promote equipment renewal and transformation in key industries.
focusing on promoting new industrialization, with energy conservation and carbon reduction, ultra-low emissions, safe production, digital transformation, and intelligent upgrading as important directions, focusing on key industries such as steel, nonferrous metals, petrochemicals, chemicals, building materials, electricity, machinery, aviation, shipbuilding, light industry, and electronics, we will vigorously promote the renewal and technological transformation of production equipment, energy-consuming equipment, and power generation, transmission, and distribution equipment.
the application areas include 38 sub-items in five major areas: energy conservation and carbon reduction in industry and commerce, industrial intelligent digital transformation, elimination and renewal of old agricultural machinery and equipment, transportation, and modern logistics.
since the application for the technology transformation re-loan project was launched, the state has approved the first batch of 281 medium- and long-term manufacturing and equipment renovation loan projects in our province, with a total loan demand of 26.78 billion yuan. so far, 60 projects have been granted credit with a credit amount of 5.07 billion yuan; 41 projects have been disbursed with a loan amount of 1.528 billion yuan.
at present, our province is carrying out the application and review of the second batch of technology transformation re-loan projects, and the application of subsequent batches will be subject to the notice of the national development and reform commission. chen bingdong reminded: "enterprises can keep paying attention and consult the development and reform departments of various cities and prefectures for details."
it is understood that when making specific applications, enterprises (project units) independently select intended cooperative banks from 21 national banks. after initial connection with the intended banks, they apply through the national major construction project database system (http://kpp.ndrc.gov.cn) and submit them to the development and reform department of the project location.
after the preliminary review by the municipal and prefectural development and reform commissions, the project list will be sent to the provincial development and reform commission through the major construction project database. after the provincial development and reform commissions review the project list, the project list will be sent to the relevant banks and copied to the people's bank of china.
banks make their own decisions on whether to issue loans and apply to the people's bank of china for refinancing. after the loan is issued, the ministry of finance takes the lead in organizing and implementing loan interest subsidies, which are directly deducted by banks when they collect interest.
