Ministry of Industry and Information Technology and six other departments: Coordinate the use of existing policy funds channels such as "Two New" to support the renovation and upgrading of outdated equipment in qualified petrochemical and chemical industries.

The Ministry of Industry and Information Technology and seven other departments have issued the “Action Plan for Accelerating the Renovation and Upgrading of Outdated Equipment in the Petrochemical and Chemical Industry (2026–2029).” Among them, it proposes to overall coordinate the use of existing policy funding channels such as “Two New Initiatives,” technological innovation, and technical renovation re-lending, to support the renovation and upgrading of eligible outdated equipment and devices. It will leverage the role of relevant government investment funds to provide investment support for enterprises. Financial institutions are encouraged to implement credit policies that are both supportive and with appropriate controls, in line with the direction of industrial layout and capacity regulation, and to promote bank-enterprise matchmaking through credit market service platforms, the National Industry-Finance Cooperation Platform, and other channels, thereby improving the quality and effectiveness of financial services. During the renovation and upgrading process, enterprises may, in accordance with relevant regulations, enjoy the existing support policies. Regions with the necessary conditions may use existing funding channels to support the renovation and upgrading of eligible outdated equipment. In the annual assessment and evaluation of central enterprises, the impact of the renovation and upgrading of outdated equipment on operating performance should be appropriately taken into account.( China Financial News Service )