The People's Bank of China: Increase Financial Support for Large scale Equipment Renewal and Consumer Goods Exchange

On April 3rd, the Monetary Policy Committee of the People's Bank of China held a regular meeting for the first quarter of 2024. The meeting pointed out that it is necessary to appropriately increase the rediscount quota of agricultural and small scale re loans, make full use of carbon reduction support tools, and establish re loans for scientific and technological innovation and technological transformation. Increase financial support for large-scale equipment updates and the trade in of consumer goods. Comprehensive implementation of policies to support regional coordinated development. Implement the action plan to increase efforts to support financing for technology-based enterprises, guide financial institutions to increase medium - and long-term loans for manufacturing with market demand, and support the acceleration of the construction of a modern industrial system. Adhere to the principle of "two unwavering" and continuously provide financial services to support the development and growth of the private economy.