China's Industrial Equipment Update Policy Framework Announced

Deputy Director Zhang Jianhua of the Ministry of Industry and Information Technology announced that the support policy system for equipment renewal in the industrial sector has been established in a hierarchical, classified, and coordinated manner. Policies are in place for funding, finance, taxation, and standards, including the establishment of an equipment renewal project database, the promotion of special treasury bonds for support, the allocation of guiding funds for digital transformation, and more. Financially, technology transformation loans are being implemented, with approximately 150 billion yuan in agreed loans, and central fiscal interest subsidies are available. Tax-wise, corporate income tax incentives have been announced to encourage digital and intelligent transformation of equipment. The Ministry of Industry and Information Technology encourages enterprises to seize policy opportunities, increase the proportion of advanced production capacity, and promote high-quality development.