Jing Ji Ri Bao·2025-11-24 00:52Core Insights - The implementation of the personal consumption loan interest subsidy policy has shown initial positive effects, with banks reporting increased loan issuance in September 2023 [1][2] Group 1: Policy Overview - The subsidy policy is applicable for personal consumption loans issued from September 1, 2025, to August 31, 2026, covering various consumer expenditures, including home appliances, automobiles, and education [1] - The policy aims to reduce interest expenses for residents and stimulate consumer demand by providing financial incentives [2] Group 2: Bank Performance - China Construction Bank reported a month-on-month and year-on-year increase in personal consumption loans in September, indicating a positive response to the subsidy policy [1] - Bank of China issued 47.4 billion yuan in loans in September, an increase of 11 billion yuan from August and 14.7 billion yuan from September of the previous year [1] - Transportation Bank experienced over a 20% month-on-month growth in consumer loan issuance, particularly in the automotive and home improvement sectors [1] Group 3: Implementation Challenges - Construction Bank has an 80% success rate for subsidy applications, but challenges remain, such as discrepancies in invoice details and the complexity of consumer transaction identification [3] - Issues include difficulties in accurately identifying transactions due to third-party payment systems and varying merchant category codes (MCC) [3] - Zhejiang Commercial Bank also faces challenges in transaction recognition, especially with fluctuating loan statuses and consumer behavior [3] Group 4: Recommendations - Financial institutions are encouraged to optimize the review and disbursement processes for subsidy funds, while consumers should understand the requirements and apply for loans based on actual needs [4] - It is advised that consumers avoid using loans for investment purposes and focus on genuine consumption needs [4]