Jin Rong Shi Bao·2025-07-30 02:40Core Viewpoint - Consumption has become a crucial engine for economic growth in China, with a series of policies aimed at boosting domestic demand and consumption being implemented this year [1]. Financial Support for Consumption - The People's Bank of China and six other departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption," outlining 19 key measures to enhance financial support for consumption [1]. - Multiple banks have developed action plans to support consumption, focusing on deepening consumer scenarios, product innovation, and optimizing resource allocation [2]. Bank Initiatives - China CITIC Bank has launched a comprehensive plan combining credit support, scenario discounts, and green incentives to lower consumer costs and enhance spending willingness [2]. - Jiangsu Bank has introduced 18 measures to support consumption, focusing on enhancing consumer capacity and improving financial services [2]. Focus on Key Consumption Areas - The "Guiding Opinions" emphasize increasing financial support for key consumption areas and innovating financial products tailored to consumer scenarios [3]. - China Bank has introduced a consumer credit loan with a low interest rate and high loan limit, alongside significant tourism subsidies [3]. - Everbright Bank is promoting various consumer activities through online platforms, aiming to create a closed loop of payment, rights, and consumption [3]. Service Consumption Growth Potential - Service consumption remains a shortfall in China's consumption landscape, with the "Guiding Opinions" encouraging financial institutions to increase credit support for service sectors like retail, hospitality, and elder care [4]. - The People's Bank of China has established a 500 billion yuan service consumption and elder care relending facility to stimulate financial support for these sectors [5]. Bank Responses to Policy - Banks are quickly responding to the new policies, with examples including Construction Bank providing financing for elder care facility upgrades and Zheshang Bank supporting hotel renovations [5]. - The China Banking Research Institute anticipates that consumption growth will be driven by policy effectiveness and the release of service consumption potential in the second half of the year [5]. Recommendations for Financial Institutions - Financial institutions are encouraged to enhance their understanding of consumption support, innovate financial products, and integrate more consumer scenarios into their offerings [6]. - Banks should focus on traditional consumption upgrades, service consumption expansion, and new consumption cultivation to better meet market demands [6].