Two newly established special re-loans clarify the amount and scope of support

Sun Guofeng, director of the Monetary Policy Department of the People's Bank of China, introduced on the 14th that at present, the People's Bank of China is working with relevant departments to speed up the implementation of two special re-loans
.
Among them, the total amount of special re-loans for scientific and technological innovation is 200 billion yuan, and five provinces including Zhejiang are selected for pilot projects in the initial stage of special re-loans for inclusive pensions
.

The recent executive meeting of the State Council proposed to support financing in key areas and weak links, and set up two special re-loans for technological innovation and inclusive elderly care
.
Sun Guofeng said at a press conference on the 14th that the People's Bank of China is creating two special re-loans for technological innovation and inclusive elderly care in accordance with the principles of precise drip irrigation, positive incentives and marketization
.

According to reports, the scope of enterprises supported by special re-loans for scientific and technological innovation includes: high-tech enterprises, "specialized and special new" small and medium-sized enterprises, national technological innovation demonstration enterprises, manufacturing single champion enterprises and other technological enterprises
.
The applicable banks of this tool include 21 national financial institutions such as China Development Bank and Postal Savings Bank of China, with a total quota of 200 billion yuan and an interest rate of 1.
75%
.
After financial institutions issue loans to enterprises, the People's Bank of China will provide financial support at 60% of the principal for loans to technology enterprises that meet the requirements for loan terms of 6 months or more
.

In addition, the People's Bank of China will guide financial institutions to provide preferential loans to inclusive elderly care institutions through special re-loans for inclusive elderly care, so as to reduce the financing costs of elderly care institutions
.
In the early stage, five provinces including Zhejiang, Jiangsu, Henan, Hebei, and Jiangxi were selected to carry out pilot projects.
The pilot quota was 40 billion yuan and the interest rate was 1.
75%
.
The pilot financial institutions are seven national large banks including China Development Bank, Export-Import Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications
.

According to Sun Guofeng, financial institutions will issue preferential interest rate loans to eligible inclusive pension institutions projects, and the loan interest rate is roughly the same as the market quoted interest rate (LPR) of the same term and grade loan
.
The special re-loan adopts the direct mechanism of "first loan and then borrowing", and the People's Bank of China provides financial support for eligible loans in the same amount as the principal
.