Zhong Guo Ji Jin Bao·2025-08-12 13:13Core Viewpoint - The Ministry of Finance and other departments have jointly issued a loan interest subsidy policy to stimulate consumption and expand domestic demand, targeting personal consumption loans and loans for service industry entities [1][5]. Group 1: Subsidy Policy for Service Industry - The "Subsidy Policy for Service Industry Entities" specifies that loans issued to eight categories of service industry entities, including catering, health, and tourism, will receive interest subsidies [2][3]. - The subsidy period is limited to one year, with an annual subsidy rate of 1% on the principal amount of the loan [2][3]. - The central and provincial finances will bear 90% and 10% of the subsidy costs, respectively, with a maximum loan amount of 1 million yuan per entity [3]. Group 2: Subsidy Policy for Personal Consumption Loans - The "Personal Consumption Loan Subsidy Policy" allows residents to receive interest subsidies on personal consumption loans used for specific categories, including household appliances and education, from September 1, 2025, to August 31, 2026 [4]. - The annual subsidy rate is also set at 1%, with a maximum cumulative subsidy of 3,000 yuan per borrower, corresponding to eligible consumption of 300,000 yuan [4]. - For loans under 50,000 yuan, the cumulative subsidy limit is 1,000 yuan, and the maximum subsidy cannot exceed 50% of the loan contract interest rate [4]. Group 3: Impact on Consumption and Economic Growth - The subsidy policies are seen as innovative measures to boost consumer confidence and expectations, thereby promoting high-quality economic development [5][6]. - The policies aim to lower the cost of consumer credit for residents and reduce financing costs for service industry entities, encouraging sustained production and service quality [5][6]. - The implementation of these policies is expected to stimulate effective financing demand from both consumers and service providers, enhancing the overall loan issuance by commercial banks [5][6]. Group 4: Bank Responses - Major banks, including Industrial and Commercial Bank of China and Bank of China, have quickly responded to the subsidy policies, working to implement them effectively [6][7]. - Agricultural Bank of China announced its commitment to reduce consumer credit costs and ensure the benefits of the policy reach consumers starting September 1 [7]. - Other banks, such as Postal Savings Bank and Shanghai Pudong Development Bank, have also issued announcements to facilitate the implementation of the subsidy policies [8][11]. Group 5: Future Recommendations - It is recommended to strengthen the coordination between monetary and fiscal policies, and to enhance the synergy between the subsidy policies and existing consumer support measures to maximize their effectiveness [21].