The Central Bank: In the first half of the year, re-loan support for technology innovation and technical transformation was provided for nearly 100 projects in the accommodation and catering, cultural and sports education, and tourism sectors, with loan contracts signed for approximately 11.9 billion yuan.

Yang Hong, head of the credit market department of the People's Bank of China, stated that two structural monetary policy tools will be established. One is to provide consumer and pension refinancing. In order to support the expansion of high-quality service consumption, in May of this year, the People's Bank of China specifically established a 500 billion yuan consumer and pension refinancing facility, guiding financial institutions to increase credit support for key areas of service consumption, such as accommodation, dining, cultural and entertainment, education, residential services, and tourism, as well as the pension industry. Currently, financial institutions have applied for nearly 60 billion yuan in consumer and pension refinancing, involving nearly 4,000 operating entities and over 5,700 loans. The other tool is for technology innovation and equipment upgrade refinancing. In April 2024, the People's Bank of China established a 500 billion yuan technology innovation and equipment upgrade refinancing facility, incentivizing banks to increase credit support for equipment upgrade projects in key areas. This year, the scale has been increased to 800 billion yuan, and equipment upgrade projects in the consumer service sector that meet the requirements can also enjoy policy benefits. In the first half of this year, technology innovation and equipment upgrade refinancing supported nearly 100 projects in accommodation, dining, cultural and educational, and tourism sectors, with signed loan contracts totaling approximately 11.9 billion yuan.