People snap up televisions eligible for the renewed trade-in subsidy program for consumer goods in Huaying, Southwest China's Sichuan Province, on January 19, 2026. Photo: VCG

China's top economic planner announced that it has more than doubled the relending facility for technology innovation to 1.2 trillion yuan ($165.6 billion) this year, with the scope of support extended to other sectors, as part of an effort to support large-scale equipment upgrading and replacement of consumer goods.

The announcement was made by Li Chao, spokesperson for the National Development and Reform Commission (NDRC), at a press conference on Friday. 

This year's relending facility for technological innovation and technological transformation has increased from 500 billion yuan to 1.2 trillion yuan, with the scope of support now extending to 14 sectors, covering electronics and information technology, artificial intelligence, facility agriculture, and commercial consumer facilities, Li said. 

He added that the measures targeted key fields where equipment upgrading is of high priority, supporting the transformation of traditional industries and fostering new quality productive forces.

Li also noted that private small and medium-sized enterprises (SMEs) with high R&D investment levels have also been included in the scope of support. 

The interest rate for relending under these measures has been reduced from 1.75 percent to 1.25 percent, while the fiscal discount rate for equipment renewal loans has been raised from 1 percent to 1.5 percent.

Supporting loans for technological transformation and equipment upgrades is viewed as a key measure to promote the implementation of the large-scale equipment upgrades and replacement of consumer goods, Li said. 

On April 28, the NDRC released a two-year progress report on the large-scale equipment upgrades and replacement of consumer goods. Over the past two years, 800 billion yuan in ultra-long special treasury bonds have been allocated to advanced equipment upgrades, replacement of consumer goods, recycling, and standard enhancement. 

The funds have supported over 13,000 equipment upgrade projects, driving more than 1.8 trillion yuan in total investment. Equipment upgrades in key sectors exceeded 48 million units, significantly boosting high-tech and equipment manufacturing shares.

On April 24, China began the issuance of 2026 ultra-long special treasury bonds, with the first two tranches comprising 20-year and 30-year fixed-rate bonds with periodic interest payments.

The issuance follows the release of this year's government work report, which proposed raising 1.3 trillion yuan through ultra-long special treasury bonds to support projects underpinning major national strategies and building security capacity in key parts of the economy, as well as large-scale equipment upgrades and consumer goods trade-in programs, according to the Xinhua News Agency. 


Global Times