明明是要提振消费，怎么成了鼓励贷款了？

Group 1 - The recent announcement from the Ministry of Commerce, the Central Bank, and the Financial Regulatory Authority focuses on boosting consumer spending by facilitating personal consumption loans [4] - The strategy appears to aim at fundamentally changing the growth model rather than merely stimulating consumption, as indicated by the continuation and potential expansion of national subsidies [4] - Despite the nominal growth of per capita disposable income and consumption expenditure both at 5.3% in 2024, the growth rate of net property income at 2.2% lags behind wage income growth of 5.8%, indicating a reliance on wage income rather than asset appreciation [4][5] Group 2 - The decline in real estate has directly reduced household income, leading to a perception of reduced wealth and consequently tighter spending [5] - The overall household debt level decreased slightly from 63.5% to 63.2% between Q2 and Q3 of 2024, but this is significantly higher than the 20% level a decade ago, indicating a rapid increase in debt primarily driven by housing [6] - The trend of proactive deleveraging is evident, with more individuals opting for early mortgage repayments than taking out new loans, reflecting a cautious approach to financial management [6] Group 3 - Consumer confidence index remains below the neutral line of 100, indicating persistent pessimism among consumers, with a recorded value of 89.4 in October 2025 [7][8] - The decline in real estate prices has led to a reduction in household wealth, affecting consumer spending and employment across related industries [8] - The fundamental issue is identified as insufficient total demand and lack of consumer confidence, rather than inadequate credit supply [10] Group 4 - The approach of increasing credit supply to stimulate consumption is seen as a supply-side solution to a demand-side problem, which may not yield sustainable results [10] - The strategy may lead to a short-term boost in consumption data but risks exacerbating long-term debt burdens and potentially creating new bad debts if economic conditions do not improve [11][12]