<ul>
<li>中國銀行將增加對科技和創新領域的貸款</li>
</ul>
<ul>
<li>隨着房地產行業的掙扎，科技融資被優先考慮</li>
</ul>
<ul>
<li>由於中美科技緊張關係，國內融資至關重要</li>
</ul>
<p>3 月 13 日（路透社）- 中國銀行計劃將更多資金引導至科技和創新導向的企業，銀行家表示，這是對北京承諾在整個經濟中積極採用人工智能並主導新興領域的回應。</p>
<p>他們表示，向科技領域的信貸分配轉變正在進行中，並將在政府上週公佈的計劃下進一步加速，該計劃將全面投入人工智能、半導體和先進製造等技術。</p>
<p>在全國人民代表大會的年會上，國家最高領導人承諾在未來五年內為科技和創新提供慷慨的資金和政策支持。</p>
<p>一家大型國有銀行的官員告訴路透社，今年科技融資已被列為新貸款發放的優先事項，該銀行正在加大對先進製造、人工智能和生物技術等領域的資金支持。</p>
<p>該銀行正在研究是否推出新的低利率信貸選項，特別是為小型和微型科技初創企業設計，官員表示，由於未獲授權對媒體發言，故不願透露姓名。</p>
<p>一家位於江蘇省的股份制銀行的企業貸款經理表示，該銀行已設定到 2026 年對高科技和創新公司的新貸款增長目標為 30%，而去年約為 20%。</p>
<p>儘管這為銀行提供了一個新的貸款增長來源，因為它們在房地產行業的債務危機和經濟放緩中掙扎，但分析師警告説，目標公司的初創性質以及某些情況下缺乏適當的抵押品可能會帶來資產質量風險。</p>
<p>根據中央銀行的數據，截至 2025 年底，對中小型科技公司的未償貸款達到 3.63 萬億元（5280 億美元），比去年增長 19.8%，超過整體貸款增長 13.6 個百分點。</p>
<p>相比之下，房地產貸款的未償金額在同一時期下降了 1.6%，截至去年底為 51.95 萬億元，突顯出資本從曾經主導銀行資產負債表的行業的劇烈重新分配。</p>
<p>“這種轉變本質上是房地產調整與政策要求相結合的結果，” Gavekal Dragonomics 的中國金融分析師張曉熙表示，並補充説，房地產行業的情況 “過於嚴重”，無法進行太多貸款。</p>
<p>“與此同時，監管機構正在積極推動科技融資，設定各種評估目標，因此銀行確實在努力開發適合高科技公司的貸款產品，” 張説。</p>
<p>中國銀行業監管機構國家金融監管局未對路透社的評論請求作出回應。</p>
<h3>政策要求</h3>
<p>中國對科技的關注反映了其需要應對老齡化勞動力和即將到來的人口危機，以及與美國在核心技術領域的激烈競爭，以及中國人工智能模型開發者取得的顯著進展。</p>
<p>鑑於全球金融公司因中美緊張關係對先進中國科技公司放貸的謹慎，分析師表示，本土初創企業將不得不依賴國內融資選項，而這些選項主要由銀行債權人主導。</p>
<p>在週一的單獨聲明中，主要國有銀行中國建設銀行（601939.SS）和中國銀行（601988.SS）表示，它們將通過服務國家戰略科技計劃來履行其責任。</p>
<p>一家位於上海的中型銀行的貸款官員告訴路透社，該銀行已為先進技術公司設立了專門的快速審批機制。該官員拒絕提供進一步的細節。</p>
<p>“這已成為一種政治要求——如果你在這個領域表現不佳，將影響銀行行長及其下屬分支的績效評估，” 該貸款官員表示，他也拒絕透露姓名。</p>
<p>科技貸款在銀行貸款中佔比很小——對高科技和創新公司及中小型科技公司的信貸在去年約佔 8%，而房地產約佔 19%，中央銀行數據顯示。</p>
<p>儘管科技貸款的比例較小，但一些貸款可能會變得問題重重，尤其是在產能過剩的行業，標準普爾全球評級的董事明坦表示。</p>
<p>“與傳統行業相比，許多科技初創企業處於早期階段，運營現金流為負，失敗率較高，抵押品通常是知識產權，” 法國外貿銀行的高級經濟學家 Gary Ng 表示。</p>
<p>“這些因素使得銀行難以評估其商業模式的前景和潛在的回收率。”</p>
<p>（1 美元 = 6.8696 人民幣）</p>

中國銀行

建設銀行

工商銀行

農業銀行

<ul>
<li>Chinese banks to increase loans for tech and innovation sectors</li>
</ul>
<div class="lb-trans"><ul>
<li>中國銀行將增加對科技和創新領域的貸款</li>
</ul>
</div><ul>
<li>Tech financing prioritized as real-estate sector struggles</li>
</ul>
<div class="lb-trans"><ul>
<li>隨着房地產行業的掙扎，科技融資被優先考慮</li>
</ul>
</div><ul>
<li>Domestic funding crucial due to US-China tech tensions</li>
</ul>
<div class="lb-trans"><ul>
<li>由於中美科技緊張關係，國內融資至關重要</li>
</ul>
</div><p>March 13 (Reuters) - Chinese lenders plan to steer more money toward technology and innovation-oriented firms, bankers say, responding to Beijing’s pledge to aggressively adopt artificial intelligence throughout the economy and dominate emerging sectors.</p>
<div class="lb-trans"><p>3 月 13 日（路透社）- 中國銀行計劃將更多資金引導至科技和創新導向的企業，銀行家表示，這是對北京承諾在整個經濟中積極採用人工智能並主導新興領域的回應。</p>
</div><p>The credit-allocation shift toward tech is well underway and is set to accelerate further under the government’s plans, unveiled last week, to go all-in on technologies from AI, semiconductors to advanced manufacturing, they said.</p>
<div class="lb-trans"><p>他們表示，向科技領域的信貸分配轉變正在進行中，並將在政府上週公佈的計劃下進一步加速，該計劃將全面投入人工智能、半導體和先進製造等技術。</p>
</div><p>At the annual meeting of the National People’s Congress, the country’s top leaders promised generous funding and policy support for tech and innovation over the next five years.</p>
<div class="lb-trans"><p>在全國人民代表大會的年會上，國家最高領導人承諾在未來五年內為科技和創新提供慷慨的資金和政策支持。</p>
</div><p>An official at a major state-owned bank told Reuters that tech financing had been made a priority for new loan issuance this year and the lender was stepping up funding to sectors including advanced manufacturing, AI and biotechnology.</p>
<div class="lb-trans"><p>一家大型國有銀行的官員告訴路透社，今年科技融資已被列為新貸款發放的優先事項，該銀行正在加大對先進製造、人工智能和生物技術等領域的資金支持。</p>
</div><p>The bank is studying whether to roll out new credit options with lower interest rates, especially designed for small- and micro-sized tech startups, said the official, who declined to be named as they were not authorised to speak to the media.</p>
<div class="lb-trans"><p>該銀行正在研究是否推出新的低利率信貸選項，特別是為小型和微型科技初創企業設計，官員表示，由於未獲授權對媒體發言，故不願透露姓名。</p>
</div><p>A corporate lending manager at a joint-stock bank in the eastern province of Jiangsu said the lender had targeted 30% growth in new loans to high-tech and innovation companies in 2026, up from around 20% last year.</p>
<div class="lb-trans"><p>一家位於江蘇省的股份制銀行的企業貸款經理表示，該銀行已設定到 2026 年對高科技和創新公司的新貸款增長目標為 30%，而去年約為 20%。</p>
</div><p>While this offers banks a fresh source of lending growth as they reel from a debt crisis in the property sector and a slowing economy, analysts warn the nascent nature of the targeted companies and the lack of proper collateral in some cases could pose asset-quality risks.</p>
<div class="lb-trans"><p>儘管這為銀行提供了一個新的貸款增長來源，因為它們在房地產行業的債務危機和經濟放緩中掙扎，但分析師警告説，目標公司的初創性質以及某些情況下缺乏適當的抵押品可能會帶來資產質量風險。</p>
</div><p>Outstanding loans to small- and medium-sized tech firms reached 3.63 trillion yuan ($528 billion) at the end of 2025, up 19.8% from a year earlier and outpacing overall loan growth by 13.6 percentage points, according to data from the central bank.</p>
<div class="lb-trans"><p>根據中央銀行的數據，截至 2025 年底，對中小型科技公司的未償貸款達到 3.63 萬億元（5280 億美元），比去年增長 19.8%，超過整體貸款增長 13.6 個百分點。</p>
</div><p>By comparison, the outstanding value of real estate loans fell 1.6% over the same period to 51.95 trillion yuan at the end of last year, underscoring a dramatic reallocation of capital away from the sector that once dominated bank balance sheets.</p>
<div class="lb-trans"><p>相比之下，房地產貸款的未償金額在同一時期下降了 1.6%，截至去年底為 51.95 萬億元，突顯出資本從曾經主導銀行資產負債表的行業的劇烈重新分配。</p>
</div><p>“This shift is essentially the result of the real estate adjustment combined with policy mandates,” said Xiaoxi Zhang, China finance analyst at Gavekal Dragonomics, adding that the property sector situation was “too severe” to do much lending.</p>
<div class="lb-trans"><p>“這種轉變本質上是房地產調整與政策要求相結合的結果，” Gavekal Dragonomics 的中國金融分析師張曉熙表示，並補充説，房地產行業的情況 “過於嚴重”，無法進行太多貸款。</p>
</div><p>“At the same time, regulators are vigorously promoting technology finance with various assessment targets, so banks are indeed working hard to develop loan products suitable for high-tech companies,” Zhang said.</p>
<div class="lb-trans"><p>“與此同時，監管機構正在積極推動科技融資，設定各種評估目標，因此銀行確實在努力開發適合高科技公司的貸款產品，” 張説。</p>
</div><p>China’s banking regulator, the National Financial Regulatory Administration, did not respond to a Reuters request for comment.</p>
<div class="lb-trans"><p>中國銀行業監管機構國家金融監管局未對路透社的評論請求作出回應。</p>
</div><h3>A POLICY MANDATE</h3>
<div class="lb-trans"><h3>政策要求</h3>
</div><p>China’s focus on tech reflects its need to grapple with an ageing workforce and looming demographic crisis, a fierce battle with the U.S. for supremacy in core technologies, as well as dramatic progress made by Chinese developers of AI models.</p>
<div class="lb-trans"><p>中國對科技的關注反映了其需要應對老齡化勞動力和即將到來的人口危機，以及與美國在核心技術領域的激烈競爭，以及中國人工智能模型開發者取得的顯著進展。</p>
</div><p>Given the caution among global financial firms to lend to advanced Chinese tech firms due to Sino-U.S. tensions, analysts say the homegrown startups would have to rely on domestic funding options, which are dominated by bank creditors.</p>
<div class="lb-trans"><p>鑑於全球金融公司因中美緊張關係對先進中國科技公司放貸的謹慎，分析師表示，本土初創企業將不得不依賴國內融資選項，而這些選項主要由銀行債權人主導。</p>
</div><p>In separate statements on Monday, major state-owned banks China Construction Bank (601939.SS) and Bank of China (601988.SS) said they would fulfill their responsibilities by serving national strategic technology initiatives.</p>
<div class="lb-trans"><p>在週一的單獨聲明中，主要國有銀行中國建設銀行（601939.SS）和中國銀行（601988.SS）表示，它們將通過服務國家戰略科技計劃來履行其責任。</p>
</div><p>A loan officer at a mid-sized bank based in Shanghai told Reuters that the lender had set up a dedicated fast-track approval mechanism for advanced technology companies. The official declined to provide further details.</p>
<div class="lb-trans"><p>一家位於上海的中型銀行的貸款官員告訴路透社，該銀行已為先進技術公司設立了專門的快速審批機制。該官員拒絕提供進一步的細節。</p>
</div><p>“This has become a political mandate - if you don’t perform well in this area, it affects the performance assessments of the bank president and the branches below,” said the loan officer, who also declined to be named.</p>
<div class="lb-trans"><p>“這已成為一種政治要求——如果你在這個領域表現不佳，將影響銀行行長及其下屬分支的績效評估，” 該貸款官員表示，他也拒絕透露姓名。</p>
</div><p>Tech loans account for a small portion of bank lending - credit to high-tech and innovation companies and small- and medium-sized tech firms reached about 8% last year, compared with around 19% for real estate, central bank data showed.</p>
<div class="lb-trans"><p>科技貸款在銀行貸款中佔比很小——對高科技和創新公司及中小型科技公司的信貸在去年約佔 8%，而房地產約佔 19%，中央銀行數據顯示。</p>
</div><p>Despite the small percentage of tech lending, some loans could become problematic, especially in industries with overcapacity, said Ming Tan, a director at S&amp;P Global Ratings.</p>
<div class="lb-trans"><p>儘管科技貸款的比例較小，但一些貸款可能會變得問題重重，尤其是在產能過剩的行業，標準普爾全球評級的董事明坦表示。</p>
</div><p>“Compared with traditional sectors, many tech startups are in the early stages with negative operating cash flows, higher failure rates and collateral that is often intellectual property,” said Gary Ng, a senior economist at Natixis.</p>
<div class="lb-trans"><p>“與傳統行業相比，許多科技初創企業處於早期階段，運營現金流為負，失敗率較高，抵押品通常是知識產權，” 法國外貿銀行的高級經濟學家 Gary Ng 表示。</p>
</div><p>“These make it hard for banks to assess their prospects of business models and evaluate potential recovery rates.”</p>
<div class="lb-trans"><p>“這些因素使得銀行難以評估其商業模式的前景和潛在的回收率。”</p>
</div><p>($1 = 6.8696 Chinese yuan renminbi)</p>
<div class="lb-trans"><p>（1 美元 = 6.8696 人民幣）</p>
</div>

隨着北京加大對人工智能的推動力度，中國的銀行正在增加對科技行業的貸款