China is expanding targeted financial support for technology-intensive industries and private enterprises through a combination of policy-bank lending and credit-risk sharing mechanisms, signalling a more structured approach to investment support rather than short-term stimulus.

1. Policy-Bank Lending Deepens Support for Technology-Driven Sectors

In 2025, the Export-Import Bank of China (China EximBank) extended more than RMB 730 billion in technology-related loans, lifting its outstanding tech loan balance to RMB 1.54 trillion by year-end. Technology lending accounted for nearly half of the bank's corporate loan portfolio, with funding directed toward sectors including artificial intelligence, brain–computer interfaces, humanoid robotics and high-end scientific instruments.

To address structural financing challenges typical of technology firms—such as limited tangible assets and prolonged R&D cycles—the bank adopted more flexible lending practices. Unsecured credit loans accounted for around 66 percent of its technology lending, reducing dependence on collateral. The bank also piloted financing models linked to national and regional research laboratories, aiming to bridge early-stage research with commercial application. In parallel, it continued to support technology-related projects with cross-border components, including international industrial chain deployment.

2. Credit Guarantees Target Investment by Private SMEs

Complementing policy-bank lending, authorities have announced a RMB 500 billion special guarantee program to support investment by micro, small and medium-sized private enterprises. Implemented through the National Financing Guarantee Fund over a two-year period, the program is designed to mitigate credit risk for lenders and improve access to financing.

The guarantee coverage extends beyond medium- and long-term investment loans to include operational financing needs such as factory expansion, shop refurbishment and working capital. By sharing risk rather than directly subsidising lending, the mechanism aims to encourage bank participation while maintaining market-based credit assessment.

Observations

Together, these measures suggest an effort to combine balance-sheet capacity with institutional risk-sharing tools, reinforcing financing support for technology development and private-sector investment. The emphasis appears to be on improving funding continuity and credit accessibility, with scope for further adjustment as implementation progresses.