21社论丨强化需求端政策激励，不断激活消费潜力

Core Viewpoint - The People's Bank of China and six other departments have jointly issued guidelines to boost consumption through financial support, aiming to enhance consumer confidence and unleash consumption potential in the context of global supply chain restructuring and insufficient domestic demand [1] Group 1: Financial Innovations - The introduction of structural financial tools aims to activate consumption potential, including a special monetary policy tool with a 500 billion yuan service consumption and elderly re-loan, expanding credit support in key service consumption areas [2] - The guidelines promote the securitization of retail loans, including personal auto loans and credit cards, to enhance liquidity and increase consumer credit supply capacity, with personal auto mortgage ABS expected to account for 47.96% of the credit ABS issuance in 2024 [2] Group 2: Enhancing Resident Income - The guidelines emphasize policies to stimulate consumer demand by increasing financial support for entrepreneurship and employment, particularly targeting small and micro enterprises and individual businesses [3] - Innovative financial products are encouraged to improve residents' property income, with a focus on enhancing investment returns in the stock market and promoting private equity investments in key service consumption areas [3] - Financial institutions are encouraged to develop exclusive personal pension products to address the consumption needs of an aging population, promoting wealth accumulation and stable growth for retirees [3] Group 3: Improving Consumption Infrastructure - Financial support is directed towards enhancing consumption infrastructure and logistics systems, particularly in underdeveloped areas such as cultural tourism, sports, and healthcare facilities [4] - The guidelines propose measures to optimize payment services and strengthen the credit information system in the consumption sector, aiming to improve the overall consumer environment [4] Group 4: Policy Implementation - The implementation of the guidelines requires enhancing the transmission of financial policy tools, including the use of blockchain technology for fund tracking and risk monitoring [5] - There is a need to establish a digital credit governance system and improve data sharing mechanisms across departments and regions to achieve interconnected credit data in the consumption sector [5] - The establishment of a consumer finance risk compensation fund is necessary to address potential risks arising from consumer finance [5] - Continuous collaboration among various departments is essential to promote a virtuous cycle between finance and consumption through fiscal and financial integration [5]