Shanghai Government Announces Action Plan to Promote Equipment Renewal and Trade-in of Consumer Goods
The Shanghai Municipal People’s Government has recently unveiled the “Shanghai Action Plan to Promote Large-Scale Equipment Renewal and Trade-in of Consumer Goods (2024-2027)”. This plan aims to utilize national re-loan policy tools to enhance the working mechanism for medium- and long-term loans in the manufacturing industry. It also calls for the guidance of financial institutions to increase the allocation of credit resources for equipment renewal and technological transformation.
Moreover, the action plan encourages banking institutions to reduce the down payment ratio of auto loans and to establish reasonable loan terms and credit lines. It also proposes the exploration of financial leasing and other models to attract social capital for participation in equipment renewal. Additionally, the plan highlights the importance of utilizing green financial service platforms and further promoting the “government-bank guarantee-enterprise” docking mechanism to support financial institutions in providing green finance and transformational financial services.
The Financial Associated Press reported on this development, emphasizing the significance of these measures in promoting economic growth and technological advancement in Shanghai. This initiative is expected to stimulate the renewal of large-scale equipment and encourage the trade-in of consumer goods, ultimately enhancing the competitiveness of the manufacturing sector in the region.
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