The reporter learned from the Fujian Provincial Branch of the People’s Bank of China that our province is accelerating its special financial support for launching new infrastructure and new urbanization initiatives. The financial support for upgrading equipment in key areas and for trade-in programs of old consumer goods is continuously being strengthened.

The implementation of refinancing for technological innovation and technical transformation is accelerating. As of October 25th, the province’s loans for technological innovation and technical transformation projects (enterprises) have reached a total credit of 19.284 billion RMB. Loans have been successfully disbursed to 100 projects (enterprises), amounting to 3.211 billion RMB. The average loan term is 7.74 years, with a weighted average interest rate of 3.26%. After deducting subsidies from the central and provincial governments, the actual interest rate for the first two years mainly falls within the 1% to 2% range.

The stabilization and recovery of consumer finance support the trade-in programs for old consumer goods. As the agency responsible for disbursing subsidies for the Trade-in programs for old consumer goods in Fujian Province, UnionPay’s “QuickPass” has successfully facilitated the redemption of 379 million RMB in actual government subsidies. Meanwhile, banking institutions are implementing ten financial measures to boost consumer spending, systematically enhancing credit offerings in the consumer sector. By the end of September, the total balance of comprehensive consumer loans in the province increased by 7.327 billion RMB compared to the previous month. Among these, the balance of auto consumer loans was 5.578 billion RMB, marking a year-on-year growth of 15.83%.

In addition, the Fujian Provincial Branch of the People’s Bank of China has allocated a dedicated quota of 30 billion RMB for refinancing and rediscounting. It has introduced two new services, “Easy Financing for Fujian Tech Firms” and “Draft Pass for Fujian Tech Firms”, to primarily support local corporate banks in strengthening credit offerings related to the new infrastructure and new urbanization initiatives. By the end of September, relevant financial institutions had issued loans (including discounts) totaling 5.793 billion RMB, benefiting 935 companies.

Translated by Fujian Investment Promotion Center