央行创设货币政策新工具 5000亿元支持服务消费重点领域和养老产业

Core Viewpoint - The People's Bank of China has established a service consumption and elderly re-lending program with a total quota of 500 billion yuan, aimed at boosting financial support for key service sectors and the elderly industry [1][3][5]. Group 1: Policy Details - The service consumption and elderly re-lending program has a quota of 500 billion yuan, an interest rate of 1.5%, a term of 1 year, and can be extended twice, with a maximum usage period of 3 years [1][3]. - The program is available to 26 national financial institutions, including state-owned banks and major city commercial banks, and will be executed until the end of 2027 [3][5]. - Financial institutions can apply for re-lending based on the loans they issue, with the People's Bank of China responsible for verifying the authenticity of the loan information submitted [3][6]. Group 2: Economic Context - The initiative aligns with the directives from the Central Economic Work Conference and the Central Political Bureau meeting, focusing on expanding service consumption supply and boosting demand [3][4]. - The program is part of a broader strategy to enhance domestic demand and stabilize economic recovery, particularly in the service sector [5][6]. Group 3: Market Impact - Analysts believe the new policy tool will invigorate the service consumption and elderly markets, enhancing financial support for these sectors and stimulating domestic consumption potential [2][5]. - The program is seen as an upgrade from the previous 40 billion yuan inclusive elderly re-lending policy established in April 2022, reflecting a significant increase in support [5][6]. Group 4: Future Outlook - By 2028, the goal is to establish a comprehensive elderly financial system, with a diverse range of financial products and services aimed at improving the welfare of residents [6]. - The program is expected to address disparities in public services between urban and rural residents, potentially unlocking further consumption growth [7].