Beijing recently announced an action plan to introduce subsidized loans for equipment purchasing and upgrading in key sectors to accelerate the development of new quality productive forces. 

This plan is expected to reduce the financing costs for eligible projects by more than 60% during the subsidy period.

The initiative focuses on 42 sectors in nine major areas, including technological innovation, strategic emerging industries, and advanced manufacturing. It is expected to boost consumption and investment, enhance advanced production capacity, improve efficiency, and promote energy conservation.

According to the plan, banks will select projects that meet policy regulations and credit approval requirements to receive the interest rate subsidy. Loan interest rates for the eligible projects will be reduced by 2.5 precentage points for two years.

This initiative represents a significant step in the city’s efforts to cultivate new quality productive forces and boost high-quality development in the new era, said an official from the Beijing Municipal Commission of Development and Reform.

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