2 1 Shi Ji Jing Ji Bao Dao·2025-12-10 08:36Core Viewpoint - The personal consumption loan interest subsidy policy is accelerating from a national level to local implementation, with regions like Sichuan, Guizhou, and Chongqing actively rolling out their own subsidy measures to stimulate consumption and reduce financing costs for residents [1][2][7]. Group 1: Policy Implementation - The "local subsidy" policies in Sichuan, Guizhou, and Chongqing have been rapidly launched since December, creating a regional synergy effect [2]. - Chongqing's policy emphasizes broad coverage and a long execution period, with a subsidy cap of 3,000 yuan for eligible cumulative consumption of 300,000 yuan [3]. - Sichuan's approach focuses on short-term precision, with a subsidy cap of 1,500 yuan for the same cumulative consumption amount, and funds must be used within the province [4]. - Guizhou's policy offers high subsidies, matching the national standard with a cap of 3,000 yuan, but has a shorter execution period [5]. Group 2: Market Impact - The collaboration between national and local subsidy policies is expected to enhance the competitiveness of regional banks, stimulate local consumption, and lower financing costs for residents [7][9]. - The introduction of local policies is anticipated to create structural changes in the consumer finance market, leading to a reduction in consumer loan interest rates and stimulating demand [10]. - Local banks are expected to leverage the policy to attract price-sensitive customers and expand their coverage in the inclusive finance sector [8]. Group 3: Risk Management - Financial institutions are advised to implement multiple risk control measures to prevent potential arbitrage, including automatic identification of eligible transactions and setting limits on subsidy amounts [5][6]. - The operational guidelines for subsidy agreements emphasize the need for borrowers to provide valid proof of consumption transactions to ensure compliance [6].