The People's Bank of China establishes a 500 billion yuan reloan for scientific and technological innovation and technological transformation

** The People's Bank of China announced on the 7th that it will establish a reloan for scientific and technological innovation and technological transformation with a quota of 500 billion yuan and an interest rate of 1.75%. It aims to encourage and guide financial institutions to increase their financial support for technology-based small and medium-sized enterprises, technological transformation and equipment renewal projects in key areas. **

为落实国务院常务会议关于推动新一轮大规模设备更新和消费品以旧换新的决策部署，中国人民银行设立的科技创新和技术改造再贷款额度为5000亿元，利率1.75%，期限1年，可展期2次，每次展期期限1年。 The recipients include 21 financial institutions including China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks.

The reporter learned that scientific and technological innovation and technological transformation refinancing is a policy continuation of the original scientific and technological innovation refinancing and special refinancing for equipment renewal and transformation. Reform and improvement are carried out based on summarizing the experience of the two tools to support financial institutions in improving the quality of financial services. Efficiency, better meet the financing needs in the fields of scientific and technological innovation, technological transformation and equipment renewal.

According to relevant persons from the People's Bank of China, financial institutions make independent decisions on whether to issue loans and the conditions for issuing loans based on enterprise applications, referring to the list of candidate enterprises and project lists provided by industry authorities, and in accordance with the principle of shouldering their own risks. Financial institutions apply to the People's Bank of China for re-loans, the People's Bank of China shall examine the loan standing book, and grant re-loans to financial institutions at 60% of the loan principal for loans that meet the requirements in the list of candidate enterprises or projects.

The People's Bank of China stated that the establishment of reloans for technological innovation and technological transformation will help guide financial institutions to provide digital and intelligent technology-based small and medium-sized enterprises in the initial and growing stages, as well as key areas, on the premise of making independent decisions and taking risks at their own risk. Provide credit support for intelligent, high-end, and green technological transformation and equipment renewal projects.