Zhong Guo Jing Ying Bao·2025-09-02 11:56Core Insights - Personal consumption loans have shown remarkable performance in the first half of 2025, with major banks reporting growth rates exceeding 10% [3][4] - The implementation of the financial "national subsidy" policy on September 1 is expected to further stimulate personal consumption loans, making them a key area for boosting consumption [3][7] Group 1: Personal Consumption Loan Growth - As of June 30, 2025, major banks such as Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, and Bank of China reported significant increases in personal consumption loans, with growth rates of 16.82%, 16.35%, 10.2%, and 12.66% respectively [4] - Agricultural Bank of China and Postal Savings Bank of China also reported increases in personal consumption loans, with growth rates of 8.5% and 1.23% respectively [4] Group 2: Policy Impact - The financial "national subsidy" policy, which provides interest subsidies for personal consumption loans, is expected to enhance consumer confidence and spending [7][8] - The subsidy will cover various consumer categories, including daily expenses and major purchases like home appliances and vehicles, with a subsidy rate of 1% for loans under 50,000 yuan [7] Group 3: Economic Context - The overall retail sales of consumer goods in China grew by 5% year-on-year in the first half of 2025, supported by government policies and consumer confidence [5][6] - The average disposable income of residents increased by 5.3% year-on-year, contributing to a stable economic environment for consumption growth [6] Group 4: Future Outlook - Analysts predict that the combination of policy support and the release of service consumption potential will drive further growth in personal consumption loans in the second half of 2025 [8][9] - The ongoing optimization of consumption structure and the emergence of new consumption scenarios are expected to sustain long-term growth in China's consumer market [9]