The Baotou municipal finance bureau has seized the opportunity of active fiscal policies since the beginning of this year, focusing on industrial upgrading and technological innovation, building a comprehensive financial support system for the construction of the "two rare earth bases", promoting the rare earth industry to accelerate toward high-end, intelligent, and green development.

The bureau will use special funds as a strategic tool to promote industrial upgrading and strengthen departmental coordination. To date, a total of 1.02 billion yuan ($144.56 million) in special funds has been secured for industrial and technological initiatives, of which 510 million yuan has primarily supported key sectors in the rare earth industry, with a focus on strengthening its competitiveness.

To address financing barriers, the finance bureau has built bridges for government-finance enterprises cooperation and established a multi-level financing service system. By the end of September, 19 financial institutions in Baotou had extended credit to 107 rare earth enterprises, with a total credit balance of 9.30 billion yuan.

The bureau will continue to strengthen the connection between special funds and industrial planning, improve the coordination mechanism between government, finance, and enterprises, promote the deep integration of innovation, capital, and industrial chains, and inject new momentum into the high-quality development of the city's rare earth industry.