China to Launch Second National SME Development Fund, MIIT Says

The signal here is coordination: MIIT, the finance ministry and the central bank aligning subsidies, relending and a second fund phase around the same SME and tech-upgrade targets. That matters for small manufacturers and hardware-adjacent firms that have struggled to access affordable credit, and it implies policy banks and state funds will be the main channel rather than private markets. Whether the relending and interest subsidies reach smaller, non-state borrowers, and how the fund's second phase is deployed, is the open question.