盘和林：一次性信用修复政策可以刺激消费

Core Viewpoint - The People's Bank of China has introduced a one-time credit repair policy aimed at clearing overdue debts and restoring credit for individuals with overdue amounts not exceeding 10,000 RMB, which is expected to stimulate consumption and stabilize financial institutions [1][3][5]. Group 1: Objectives of the Policy - The first objective is to clear debts and restore credit for borrowers who may have defaulted due to minor mistakes or genuine financial difficulties, allowing them to regain borrowing capacity [3]. - The second objective is to stimulate consumption by enabling borrowers to restore their credit, thereby increasing their ability to leverage loans for investment and consumption, which can activate domestic demand [3]. - The third objective is to establish a credit awareness among individuals, encouraging them to monitor their credit status and take proactive measures to manage their debts [4]. - The fourth objective is to stabilize the operating expectations of financial institutions and reduce bad debts by encouraging overdue borrowers to repay their debts [5]. Group 2: Implementation and Mechanism - The policy employs an "automatic repair" model that eliminates the need for applications, simplifying the process for users and reducing administrative burdens on the credit system [6]. - This model reflects a shift from a functional government to a service-oriented government, enhancing user experience and system efficiency [6]. Group 3: Balancing Credit Restoration and Financial Risk - There is a need to balance the demand for personal credit restoration with the prevention of financial market risks, as indiscriminate credit restoration could undermine lender protections and lead to higher borrowing costs [7]. - The policy specifically targets minor overdue cases, allowing for leniency while maintaining stricter measures for larger defaults to protect the integrity of the credit market [7]. Group 4: Economic Impact - The credit repair policy is expected to encourage individuals to engage more actively in economic activities, leading to improved borrowing and investment behaviors [8]. - Banks may benefit from accelerated fund recovery and enhanced financial stability, although the long-term effectiveness of the policy in stimulating demand will depend on broader economic factors such as income growth and job creation [8].