In recent years, the textile market product replacement speed is getting faster and faster. The old spinning machine is difficult to keep up with the pace of the times. So the updating of the machine has become the top priority of weaving enterprises since this year.

On the other hand, under the background of vigorously promoting new quality productivity, technological innovation is also urgent. In order to better support enterprises to carry out technological innovation, according to the news of the People's Bank of China on the 7th, in order to implement the spirit of the Central Economic Work Conference and the Central Financial Work Conference, to do a good job in the financial "Five Big Articles", and to implement the decision and deployment of the executive meeting of the State Council on promoting a new round of large-scale equipment upgrade and trade-ins of consumer goods, the People's Bank of China set up a scientific and technological innovation and technological transformation re-loan, encourage and guide financial institutions to increase financial support for small and medium-sized enterprises in science and technology and for technological transformation and equipment upgrade projects in key areas.

To meet the requirement of innovation

Scientific and technological innovation and technological transformation reloan is a continuation of the original policy of scientific and technological innovation reloan and special reloan for equipment upgrade and transformation. It is reformed and improved on the basis of summarizing the experience of the two tools, with supporting financial institutions to improve the quality and efficiency of financial services, in order to better meet the financing needs in the field of scientific and technological innovation, technological transformation and equipment upgrade.

The reloan amount of scientific and technological innovation and technological transformation reaches 500 billion yuan, with the interest rate of 1.75%, the term of 1 year, which can be extended twice, with each extended period of 1 year. The recipients include 21 financial institutions such as China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China and joint-stock commercial banks. The establishment of reloans for technological innovation and technological transformation will help guide financial institutions to provide credit support for small and medium-sized technological enterprises in the initial and growth stages, as well as digital, intelligent, high-end and green technological transformation and equipment upgrade projects in key areas under the premise of independent decision-making and bearing their own risks.

According to the application of the enterprises, the financial institution shall make independent decisions on whether to grant loans and the conditions for granting loans in accordance with the principle of taking risks by referring to the list of alternative enterprises and the project list provided by the competent authorities of the industry. Financial institutions apply to the People's Bank of China for refinancing, and the People's Bank of China will review the loan ledger, and for the loans that meet the requirements in the list of alternative enterprises or project lists, the financial institutions will be issued with a reloan at 60% of the loan principal. The People's Bank of China announced on the 3rd that it will appropriately increase the reloan and rediscount limit of supporting agriculture, rural areas, farmers and small, micro businesses, make full use of carbon emission reduction supporting tools, and set up scientific and technological innovation and technological transformation reloans. They will increase financial support for large-scale equipment upgrade and trade-ins of consumer goods.

The Monetary Policy Committee of the People's Bank of China recently held its regular meeting for the first quarter of 2024. The meeting proposed to do a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and continue to increase support for major strategies, key areas and weak links, and promote the development of new quality productivity. They will implement the action plan to increase support for the financing of science and technology enterprises, and guide financial institutions to increase medium- and long-term loans to the manufacturing industry that have market demand. With the precise implementation of differentiated housing credit policies, they will better support rigid and improved housing demand, and equally meet the reasonable financing needs of real estate enterprises of different ownership. They will increase financial support for the "market + security" housing supply system, and strive to build a new model of real estate development.

Playing an innovative role

This year's government work report pointed out that we should give full play to the leading role of innovation, promote industrial innovation with scientific and technological innovation, accelerate the new type of industrialization, improve total factor productivity, constantly create and develop new driving forces and new advantages, and promote a new leap in social productivity. To promote industrial innovation through scientific and technological innovation, it is necessary to promptly apply scientific and technological innovation achievements to specific industries and industrial chains, and how to implement them in practice? Zhang Li, president of the China Institute of Electronic Information Industry Development, said that we must adhere to the system concept, deepen the whole chain deployment, the whole cycle of coordination, and the whole ecological construction, seize the key links and core areas, and integrate the promotion of institutional innovation, technological breakthroughs, the iterative application of results, the formulation of standard rules, and the cultivation of industrial ecology, so as to improve the overall efficiency of industrial scientific and technological innovation.

First, vigorously foster innovative enterprises, strengthen technology, product and market linkages between upstream and downstream enterprises, and promote integrated innovation among large, small and medium-sized enterprises. The second is to strengthen the traction of application scenarios, and promote the first trial and use of the first set, the first batch, and the first edition of innovative products. Make better use of the advantages of ultra-large scale market, expand domestic and foreign markets, and create market space for the iteration of new technologies and products. Third, we will build a large and unified national market, eliminate all forms of local protection and market segmentation, promote the orderly flow and rational allocation of innovative resources and industrial factors on a larger scale, optimize the competition and development ecology in emerging areas, and stimulate the innovation impetus and vitality of various enterprises. Fourth, strengthen quality support and standard guidance, build advanced pilot test verification capabilities, vigorously develop science and technology services, and promote the transformation and industrialization of scientific and technological achievements.

That is to say, compared with the previous purchase of the same machine, we are able to save half of the interest based on the loan money. Innovation will become the main theme of this year!