TEDA to Up Financial Support for Equipment Upgrades

TEDA will provide strong financial support for large-scale equipment renewals, as an event of Financial Leasing Serving Equipment Upgrades was held recently. The event attracted 6 key TEDA financial leasing institutions: BENEFO, CFHI (China First Heavy Industries), DAHAO Financial Leasing, CITIC Financial Leasing, ICBC Leasing, and Industrial Bank Financial Leasing. 11 TEDA leading manufacturing companies attended, including Otis, CIMC Logistics Equipment, Markor Furnishings, and Hanaco Medical.

The relevant TEDA departments provided detailed explanations of the supporting policies and specific procedures, and offered practical advice to help companies address issues related to equipment upgrades and financing. 5 companies reached cooperation agreements in the event, with the total cooperation intention amount exceeding 300 million yuan.

Financial leasing is a crucial financial driver for large-scale equipment upgrades. TEDA is the only fully licensed financial area in Tianjin and one of the few in China, housing over 3,000 financial and quasi-financial enterprises. Among them, more than 600 supply chain financial institutions are engaged in financial leasing and commercial factoring. TEDA will leverage its unique financial advantages to guide related industries within the area to jointly promote large-scale equipment upgrades and support high-quality regional economic development.