粤开证券首席经济学家兼研究院院长罗志恒：贴息政策可以发挥财政资金的杠杆效应 助力提升消费市场活力

Core Viewpoint - The State Council's meeting on July 31 emphasized the implementation of interest subsidy policies for personal consumption loans and service industry loans, aiming to enhance the efficiency of fiscal funds and ensure effective use of financial resources [1] Group 1: Policy Implementation - The meeting called for effective organization and implementation of the interest subsidy policies, enhancing departmental collaboration, simplifying procedures, and ensuring rapid policy rollout [1] - Strict supervision is required to improve the efficiency of fund utilization, ensuring that fiscal resources are used effectively [1] Group 2: Economic Insights - The chief economist of Guangdong Kai Securities highlighted that interest subsidy policies are a crucial method for coordinating fiscal and financial policies [1] - In the current economic climate, financial measures play a significant role in boosting consumption, but fiscal policy remains key, as evidenced by the support from long-term special government bonds for consumption recovery through programs like "trade-in" [1] Group 3: Financial Impact - Interest subsidy policies can lower financing costs for enterprises and households, leveraging fiscal funds to achieve greater financial impact [1] - Direct fiscal subsidies have a low multiplier effect, but using interest subsidies can mobilize larger funding scales, enhancing the efficiency of fiscal fund utilization [1]