I. Policy Background and Capital Allocation

(1) New Trends in Fiscal Policy

According to the draft budget submitted by the Ministry of Finance to the National People's Congress for review on March 5th, 200 billion yuan of ultra-long-term special Treasury bonds are planned to be allocated in 2025 to specifically support equipment renewal, an increase of 50 billion yuan compared with 2024, representing a growth rate of 33.3%. This fund will be mainly invested in the field of new technological transformation in manufacturing, and it is expected to drive more than 700 billion yuan of social capital investment, forming a trillion-yuan investment scale for equipment renewal.

(2) Fund Allocation Structure (Illustrated)

Advanced manufacturing sector: 45% (90 billion yuan)

Green and low-carbon transformation: 30% (60 billion yuan)

Digital economy infrastructure: 15% (30 billion yuan)

Safety and emergency equipment: 10% (20 billion yuan)

(Source: China Machinery Research Institute)

Ii. Three strategic Orientations for Policy Implementation

(1) Accelerated Plan for Domestic Substitution

• Set a hard target of 80% domestic production rate: It is required that the proportion of domestic equipment in the total equipment procurement of the declared project shall not be less than 80%

• Establish an import substitution catalogue: covering 25 types of key equipment such as industrial mother machines and precision instruments

• Implement a tiered subsidy policy: For every 5% increase in the proportion of domestic equipment procurement, the subsidy coefficient increases by 0.2

(II) Incentive System for Technological Innovation

For the application of the first set of equipment: A 30% purchase subsidy will be provided

Intelligent manufacturing system integration: The maximum subsidy for a single project is 50 million yuan

Industrial Internet platform: Tiered rewards are given based on the number of connected devices

(III) Paths for Industrial Synergy and Upgrading

Build a virtuous cycle of "equipment update - process upgrade - product iteration" :

Equipment layer: 5G+ industrial Internet intelligent equipment

System layer: Digital Twin production management system

Product layer: Intelligent and green terminal products

Iii. Key Points for Project Application and Implementation

(1) Key support directions

High-end development of traditional industries: Intelligent smelting equipment for industries such as steel and non-ferrous metals

Emerging industries are doubling: Digital production lines for new energy equipment

Green manufacturing system: Specialized equipment for industrial energy conservation and environmental protection

Safety capability enhancement: Intelligent monitoring and control system for hazardous chemicals

(II) Requirements for Application Qualifications

Enterprise scale: Manufacturing single-champion enterprises/specialized, refined, distinctive and innovative enterprises are preferred

Technical standard: The energy efficiency of the equipment must meet the national first-class standard

Investment intensity: The investment in technological transformation projects shall not be less than 50 million yuan

Output benefits: After reaching full production capacity, energy consumption per unit of output value will decrease by more than 15%

(3) Standardization of Fund Utilization

Equipment procurement: Limited to the "Catalogue of Major Technical Equipment Encouraged for Development by the State"

Implementation period: In principle, it shall not exceed three years

Acceptance criterion: The networking rate of digital equipment must reach 100%

Follow-up assessment: Establish a five-year tracking and evaluation mechanism

Iv. Disposal Plan for Imported Equipment

(1) Restrictive clauses

Negative list management: 12 types of imported equipment explicitly prohibited from procurement

Alternative review mechanism: A comparison report on the technical parameters of domestic equipment must be provided

Special circumstances approval: When the domestic production rate of key equipment is insufficient, an exemption can be applied for

(II) Alternative implementation paths

Joint research and development model: domestic manufacturers + end users + research institutes

Innovation in financial leasing: Establish a 10-billion-yuan risk compensation fund for domestic equipment leasing

After-sales service system: Build a national equipment operation and maintenance service network

V. Analysis of Expected Policy Benefits

(1) Indicators for industrial upgrading

The numerical control rate of key processes: increased to 75%

Industrial robot density: reaching 500 units per 10,000 people

The output value rate of the new product: increased to 35%

(II) Economic Benefit Forecast

Boost GDP growth: 0.8-1.2 percentage points

New job creation: 500,000-800,000

Equipment manufacturer orders: Expected to increase by 40%

(III) Technological Breakthrough Goals

The market share of domestic high-end equipment has been raised to 60%

Formulate industry standards: more than 200 items

Breaking through the bottleneck technologies: 30 key core technologies

Vi. Suggestions for Enterprise Response Strategies

(1) Equipment renewal planning

Carry out equipment diagnosis: Establish a full life cycle management ledger

Formulate a three-year plan: Clearly define the updated roadmap and timetable

Connect with suppliers: Establish a strategic cooperation ecosystem

(II) Preparation of Application Materials

Technical solution: Highlight the advantages of intelligent and green transformation

Economic benefits: Quantify the data on energy consumption reduction and efficiency improvement

Localization certificate: Provide the qualification documents of the equipment manufacturer

(III) Policy Alignment Strategies

Combined policy application: Superimposing the VAT carry-forward refund policy for the manufacturing industry

Financial instrument innovation: Exploring the issuance of special bonds for equipment renewal

Industry-university-research collaboration: Supporting application for provincial key research and development plans

Conclusion:

The issuance of 200 billion yuan of special Treasury bonds this time marks that China's equipment renewal has entered a new stage driven by policies. Enterprises need to grasp three key dimensions: strategically align with the national direction of becoming a manufacturing power, tactically optimize the equipment renewal path, and operationally improve the application and implementation plan. It is particularly necessary to emphasize that the purchasers of imported equipment should accelerate the formulation of alternative plans and complete the transformation and upgrading through the "R&D cooperation + gradual substitution" model. As detailed policies are successively introduced, it is suggested that enterprises establish policy task forces to dynamically track the application window and ensure that they can enjoy the policy benefits to the greatest extent.

China Machinery Research Institute has been dedicated to consulting services for nearly 20 years. In the field of ultra-long-term special Treasury bonds, it provides full-process consulting services including project planning and fund application, planning and packaging, guidance and training, as well as the compilation and guidance of related ultra-long-term special Treasury bond materials.

The source of the article: Industrial Park Planning of China Machinery Research Institute