As of the end of June this year, the balance of medium- and long-term loans to China's manufacturing sector grew by 8.7 percent year on year, with an increase of 920.7 billion yuan (around 128 billion U.S. dollars) in the first half of 2025, according to the Ministry of Industry and Information Technology on Thursday.
Since the official launch of the national industry-finance cooperation platform led by the ministry in February 2021, the platform has brought a total financing volume of over 1.2 trillion yuan (around 167 billion U.S. dollars) to relevant enterprises, the ministry said at an industry-finance cooperation conference held in Yibin City of southwest China's Sichuan Province on Thursday and Friday.
"By the end of June, the balance of medium- and long-term loans to China's manufacturing sector increased by 8.7 percent year on year, 1.6 percentage points higher than the overall loan growth, with relending for sci-tech innovation and technological transformation reaching 800 billion yuan (around 110 billion U.S. dollars)," said Lei Wen, deputy director of the finance department of the Ministry of Industry and Information Technology.
Balance of medium-, long-term loans to China's manufacturing sector up 8.7 percent by June
China will enhance its equipment upgrading and trade-in programs in 2026 to boost domestic demand, the National Development and Reform Commission (NDRC) announced on Tuesday.
Regarding promoting large-scale equipment upgrades and replacing old consumer goods with new ones, significant progress was reported in 2025. In the past year, ultra-long-term special government bond funds were arranged to support approximately 8,400 equipment-upgrading projects, stimulating total investments exceeding 1 trillion yuan (about 143.5 billion U.S. dollars). Over 360 million people applied for subsidies under the consumer goods trade-in scheme, leading to sales of related goods surpassing 2.6 trillion yuan.
Wang Shancheng, director of the Department of Resource Conservation and Environmental Protection at the NDRC, said at a press conference that the Implementation of these measures will continue to be optimized in 2026.
"We will further lower the investment threshold for application projects, increase support for small and medium-sized enterprises, expand policy coverage, implement the requirements for building a unified national market, and implement unified subsidy standards nationwide for the scrapping and replacement of vehicles, trade-in of six categories of home appliances, and four categories of digital and smart product purchases," said Wang.
The NDRC representative also highlighted that in 2026, efforts will focus on comprehensively expanding domestic demand. An implementation plan to expand domestic demand for the 2026-2030 period will be formulated. Furthermore, the NDRC will promote upgrades in key industries, explore establishing a national-level mergers and acquisitions fund, and cultivate and bolster emerging and future industries.
China to enhance equipment upgrades and trade-in programs in 2026
