政策“组合拳”激活消费新引擎

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, potentially creating a new consumption market worth trillions by 2027 through structural reforms and financial support [1] Group 1: Policy and Financial Support - The plan emphasizes the need for stronger fiscal and financial support to stimulate domestic demand, including the introduction of diverse consumer finance products [1] - Financial institutions are actively launching initiatives such as interest-free installment payments and discounts to boost consumer spending [2] - The "old for new" policy has significantly contributed to market growth, with sales exceeding 2.4 trillion yuan and benefiting over 360 million people in the first ten months of the year [1][2] Group 2: Consumer Finance Trends - Consumer finance is becoming a crucial driver for retail credit, with policies supporting low-cost funding for consumption loans [4] - The retail sales of major consumer goods like home appliances and automobiles have shown robust growth, with retail sales of home appliances and furniture increasing by approximately 20% year-on-year [5] - Financial tools such as installment services are lowering purchase barriers, enhancing the consumption of large-ticket items [5] Group 3: Regional Initiatives - Local governments are implementing supportive policies to enhance regional consumption quality, as seen in Beijing's plan to boost various consumer sectors [7] - As of Q3 2025, Beijing's consumer loan balance (excluding personal housing loans) reached 808.78 billion yuan, growing by 4.7% year-on-year, indicating a stronger growth rate than the national average [7]