财政金融联动再推新“国补”，撬动信贷资金精准促消费

Core Viewpoint - The implementation of two interest subsidy policies aims to leverage fiscal funds to enhance the vitality of the consumption market, particularly in service consumption [1][2][3] Summary by Relevant Sections Policy Overview - The State Council has introduced the "Personal Consumption Loan Interest Subsidy Policy" and the "Service Industry Operating Entity Loan Interest Subsidy Policy" to support consumption and expand domestic demand [1][3] - These policies are designed to reduce credit costs for residents and businesses, thereby stimulating consumption and facilitating economic circulation [1][3] Targeted Areas - The personal consumption loan subsidy focuses on the demand side, while the service industry loan subsidy targets the supply side, promoting economic stability from both ends [2] - The personal consumption loan subsidy applies to loans used for various consumer needs, including daily expenses and significant purchases like cars and education, with a subsidy rate of 1% [3][4] Growth Potential in Service Consumption - Service consumption in China shows significant growth potential, with a projected annual increase of 9.6% in per capita service consumption expenditure from 2020 to 2024 [4] - By 2024, service consumption is expected to account for 46.1% of total per capita consumption expenditure, contributing 63% to the growth of resident consumption expenditure [4] Employment and Economic Impact - The service sector is a major employment driver, with service industry employment projected to reach 48.8% of total employment by 2024 [6] - The interest subsidy policies are expected to lower financing costs for service providers, enhancing their confidence and stimulating growth in employment [6] Implementation and Oversight - The policies are designed to be widely accessible with low barriers to entry, ensuring that they effectively benefit the public [7] - Financial institutions are required to adhere to strict oversight and ensure the accurate processing of subsidy applications [8] Future Considerations - The People's Bank of China plans to guide financial institutions in enhancing consumer finance products and simplifying approval processes to better meet consumer needs [9] - An evaluation of the policies' effectiveness will be conducted post-implementation, with potential adjustments to the support scope and duration based on the findings [9]