PBOC: Tech and Renovation Relending Loans Reach RMB 1.5 Trillion by April 2026; 21,000 SMEs Get First Loans

The People's Bank of China's latest data show that, driven by the policy of relending for sci-tech innovation and technological renovation, as of end-April 2026, total loans extended by banks for sci-tech innovation and technological renovation reached RMB 1.5 trillion. Of this, sci-tech innovation loans amounted to RMB 218.8 billion, with 21,000 tech-focused small and medium-sized enterprises (SMEs) that previously had no loan records receiving their first-ever loans. An additional RMB 1.3 trillion in loans for technological renovation and equipment renewal supported 8,250 equipment renewal projects.

The relending policy for sci-tech innovation and technological renovation aims to guide financial institutions to strengthen financial services for small and medium-sized tech enterprises and large-scale equipment renewal. For enterprises, a first loan means that a company with no prior loan records obtains its first bank loan. This credit line and the resulting credit record will help the enterprise in subsequent financing.

In terms of policy coverage, the 21,000 enterprises that received first loans are distributed across various segments of the industrial chain, including some "little giant" enterprises focused on specialized, refined, differentiated, and innovative directions, as well as tech enterprises engaged in tackling key core technologies. The equipment renewal loan projects are driving traditional industries toward digital, intelligent, and green transformation.

Overall, the number of tech-focused SMEs nationwide is large, and some start-ups have yet to receive financial services support. The risk compensation mechanisms for frontier fields and early-stage projects are still being improved, and supporting systems such as intellectual property valuation, risk sharing, and information sharing need further development. Subsequent financing services after the first loan, as well as a full-chain financial service system covering different stages from seed to start-up, growth, and maturity, are still under continuous construction.