Ministry of Industry and Information Technology and Six Other Departments: Coordinate the use of existing policy funds channels to support the renovation and upgrading of old equipment in the petrochemical industry that meets the conditions.

The Ministry of Industry and Information Technology and six other departments have issued the "Action Plan for Accelerating the Renewal and Transformation of Old Chemical Industry Equipment". The action plan proposes to coordinate the use of existing policy funds such as "Two New" industries, technological innovation, and refinancing for technological transformation, to support the renewal and transformation of old equipment that meets the criteria. It also calls for leveraging the role of relevant government investment funds to provide investment support to enterprises. Financial institutions are encouraged to implement credit policies that support and control industries in line with industrial layout and capacity control directions, and to improve the quality and effectiveness of financial services through credit market service platforms and national industry-finance cooperation platforms. Enterprises engaging in renewal and transformation are eligible to enjoy current relevant support policies. Areas with conditions can utilize existing funding channels to support the renewal and transformation of old equipment that meets the criteria. Central enterprises should appropriately consider the impact of renewal and transformation of old equipment on business performance in their annual assessment evaluations.