China vows easier financing for private firms' equipment upgrades

 It will be easier for private businesses to secure financing for equipment upgrades, China's top economic planner has said, vowing to provide greater policy support.

Building on the existing relending facility for sci-tech innovation and technical transformation, the National Development and Reform Commission said that it will consider rolling out enhanced loan interest subsidies for private businesses to upgrade their equipment.

The commission said that it will accelerate the issuance of this year's ultra-long special treasury bonds to subsidize investments in equipment upgrades.

Additionally, private businesses will be encouraged to participate in the trade-in of consumer goods, the commission said, pledging efforts to reduce market access barriers, streamline review processes, and accelerate the disbursement of funds.

China's large-scale equipment upgrades and consumer goods trade-ins, launched roughly a year ago, have steadily progressed as the country makes every effort to drive domestic demand.

According to the 2025 government work report, boosting consumption is a top priority for China's economy in 2025, with domestic demand identified as the "main engine and anchor" of economic growth.

To support consumer goods trade-ins, China has announced the issuance of ultra-long special treasury bonds totaling 300 billion yuan (about 41.8 billion U.S. dollars) this year, up from 150 billion yuan in 2024. ■