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300 billion yuan of national debt funds for "two new" projects have been fully allocated

2024-09-24

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on september 23, the national development and reform commission held a special press conference to introduce the overall progress and results of the "two new" (large-scale equipment renewal and old consumer goods trade-in) policy. at the meeting, relevant officials from the national development and reform commission, the ministry of finance and the people's bank of china gave detailed answers and explanations to related issues.
zhao chenxin, deputy director of the national development and reform commission, said that over the past two months, supporting detailed rules for the "two new" work have been fully introduced, treasury bond funds have been fully allocated, and supporting policies have been fully launched.
"the policy system of using ultra-long-term special government bond funds to increase support for the 'two new' has been established, laying a solid foundation for this year's work and in the future," said zhao chenxin.
statistics on "equipment upgrade" and "trade-in"
in terms of equipment renewal, more than 4,600 eligible equipment renewal projects have been screened out, and 150 billion yuan of national debt funds in the equipment renewal field have been allocated to the projects in two batches in accordance with relevant regulations and procedures.
in terms of old-for-new consumer goods exchanges, 150 billion yuan in treasury bond funds have all been allocated to local governments since early august.
as of now, all 10 measures to support large-scale equipment upgrades and trade-ins of old consumer goods have been launched.
since the implementation of the "two new" policies, relevant departments have pushed three batches of 13,000 alternative projects to banking institutions.
the total amount of signed loans is 230 billion yuan, with a weighted average interest rate of 3.1%. according to statistics, 70% of the funds are used to support small and medium-sized enterprises.
the new re-lending quota for supporting agriculture and small businesses is 100 billion yuan. as of the end of august this year, loans to technology-based smes and inclusive small and micro loans increased by 21% and 16% year-on-year, respectively, both significantly higher than the growth rate of all loans in the same period.
the ministry of finance has allocated 20 billion yuan in interest subsidies for equipment renewal loans, and has disbursed the first installment of 8 billion yuan in subsidies.
progress
all 10 measures have been launched
in terms of equipment renewal, the national development and reform commission, together with relevant departments, has optimized support methods and simplified approval procedures in accordance with the principle of "local review and national re-examination". more than 4,600 eligible equipment renewal projects have been screened out, and 150 billion yuan of treasury bonds in the field of equipment renewal have been allocated to projects in two batches in accordance with relevant regulations and procedures.
in terms of the old-for-new exchange of consumer goods, the national development and reform commission, together with the ministry of finance, comprehensively considered factors such as the permanent population of each region, regional gdp, and the number of cars and home appliances owned, and reasonably determined the scale of financial support. the 150 billion yuan of treasury bonds for the old-for-new exchange of consumer goods have all been distributed to local governments since the beginning of august.
up to now, all 10 measures to support large-scale equipment upgrades and trade-in of old consumer goods have been launched by various departments, and various regions have also introduced a series of detailed implementation measures.
plan
promote the establishment of a national resource recycling platform
regarding the issue of how to recycle and reuse a large number of obsolete products and equipment that have been replaced with new ones, as well as old home appliances, old consumer goods, and old equipment, zhao chenxin pointed out that in recent times, the national development and reform commission has continued to promote recycling and reuse actions together with relevant departments. first, the waste material recycling network has been continuously improved, second, the processing and utilization of renewable resources has been continuously strengthened, and third, the recycling system and mechanism has been continuously improved.
in the next step, the national development and reform commission will work with relevant parties to do a good job in recycling and reuse, accelerate the construction of a waste recycling system covering all fields and links, continue to smooth the resource recycling chain, and promote the realization of "getting rid of the old is easier, replacing the new is more convenient". first, accelerate the development of the "replacement + recycling" logistics system and new models, and further improve the recycling network of waste products and equipment. second, strengthen the extension of producer responsibility, support enterprises to build a reverse logistics system for recycling waste products, and promote the efficient use of retired wind power photovoltaics, power batteries, etc. at the same time, support the establishment of the china resource recycling group and promote the establishment of a national and functional resource recycling platform. third, optimize the registration and management of used car transactions, improve relevant resource import standards and policies, and build a larger international recycling and reuse system.
financing
more private enterprises and small and medium-sized enterprise projects are included in the candidate list
peng lifeng, director of the credit market department of the people's bank of china, pointed out that the financing needs of enterprises in equipment renewal are mainly met by bank loans, and the central bank provides support through re-lending policy tools. since the implementation of the "two new" policies, relevant departments have pushed 3 batches of 13,000 candidate projects to banking institutions; the central bank and other departments have guided banking institutions to establish special working mechanisms, strengthen resource guarantees, accelerate docking and due diligence, and increase credit support for project financing in accordance with market principles. relevant work has made positive progress. the equipment renewal projects pushed have basically achieved "full coverage" of financing docking and due diligence, with a total contracted loan amount of 230 billion yuan and a weighted average interest rate of 3.1%, which has strongly supported the implementation of technical transformation and equipment renewal projects in key areas. according to statistics, 70% of the funds are to support small and medium-sized enterprises.
at the same time, the central bank continues to create a good financial environment for financing of small and medium-sized enterprises. it has brought into play the role of carbon emission reduction support tools and inclusive small and micro loan support tools, added 100 billion yuan of re-lending quotas to support agriculture and small businesses, and encouraged and guided financial institutions to increase their support for the development of small and medium-sized enterprises and green and low-carbon transformation. as of the end of august this year, loans to technology-based small and medium-sized enterprises and inclusive small and micro loans increased by 21% and 16% year-on-year, respectively, both significantly higher than the growth rate of various loans in the same period.
in the next step, the central bank will work with the national development and reform commission and other departments to further increase guidance and supervision of banking institutions and local governments. by speeding up the processing of land, planning, environmental protection, safety and other licenses for loan projects, more projects of private enterprises, small and medium-sized enterprises, and agricultural entities will be included in the shortlist, and financing guarantees and risk compensation support will be increased. measures such as making good use of re-loans for scientific and technological innovation and technological transformation will be adopted to vigorously support technological transformation and equipment renewal projects in key areas; improve the policy system of the "five major articles" of finance, enrich exclusive financial products that meet the needs of small and medium-sized enterprises, and continuously improve the intensity, coverage and adaptability of financial support for small and medium-sized enterprises.
regulation
clarify the “negative list” for fund use
zhao changsheng, deputy director of the economic construction department of the ministry of finance, pointed out that financial funding guarantee and supervision are key links in promoting the "two new" work, and are crucial to the orderly promotion of the "two new" work. the ministry of finance has directly allocated 150 billion yuan of ultra-long-term special treasury bonds to local governments in batches, issued special funds for large-scale equipment renewal in a timely manner, and allocated the first equipment renewal loan interest subsidy funds.
"the ministry of finance has allocated 20 billion yuan in interest subsidies for equipment renewal loans. the first batch of 8 billion yuan has been disbursed to boost the enthusiasm of business entities for equipment renewal and accelerate equipment renewal and technological transformation," said zhao changsheng.
regarding how local financial departments can promote policy implementation and speed up fund payment after the central funds are allocated by the ministry of finance, zhao changsheng said that the ministry of finance has established a regular dispatch mechanism. judging from the reports from various places, local financial departments have made timely policy planning and fund guarantees to promote the implementation of the "two new" policies as soon as possible. first, increase the investment of local matching funds, second, innovate work measures according to local conditions, and third, take multiple measures to optimize service processes.
zhao changsheng said that up to now, the progress of fund use and repayment in various regions has been accelerating, and the repayment of subsidy funds for various categories of consumer goods has been effectively guaranteed. in the next step, the ministry of finance will continue to urge various regions to speed up the use and repayment of funds, strengthen fund tracking and effectiveness, and release investment and consumption potential to the greatest extent and with the greatest intensity.
zhao changsheng said that the ministry of finance also clarified the "negative list" for the use of funds, requiring that relevant funds should not be used to balance the budget, repay government debts, or clear overdue corporate accounts, "three guarantees" expenditures, etc., and through specific measures such as online monitoring and offline verification, prevent the squeezing and misappropriation of funds, so that the "real money" policy can be implemented and produce results as soon as possible.
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