Jin Rong Shi Bao·2026-01-20 01:39Core Insights - The central economic work meeting in late 2025 emphasizes the importance of "domestic demand as the main driver, building a strong domestic market" for economic work in 2026 [1] - The People's Bank of China (PBOC) plans to enhance financial support for consumption through targeted monetary policies, particularly focusing on service consumption and elderly care loans [1][2] - Experts predict that the consumption market in China will continue to show stable growth and quality improvement in 2026, driven by macro policy support and internal development momentum [1][6] Group 1: Policy and Financial Support - In May 2025, the PBOC established a 500 billion yuan service consumption and elderly care re-loan program to boost service consumption supply and demand [2] - By the end of November 2025, consumer loans (excluding personal housing loans) reached 21.2 trillion yuan, indicating a significant increase in financial support for service consumption [2] - The re-loan policy aims to direct financial resources into key areas of livelihood and consumption upgrade, with a focus on long-term economic sustainability [2][4] Group 2: Growth Areas in Service Consumption - Health and elderly care are emerging as new growth points for service consumption credit, with banks actively providing loans for various projects in these sectors [3][4] - The service consumption market is expanding, with a notable increase in demand for health, education, and leisure services, although there are still structural deficiencies in supply [4][6] - Experts highlight the need for improved consumer confidence and infrastructure to further enhance service consumption, particularly in rural areas [4][6] Group 3: Banking Sector Strategies - Banks are encouraged to innovate credit products tailored to the characteristics of service consumption businesses, such as using intellectual property and future revenue rights as collateral [7] - There is a call for banks to collaborate with local governments and enterprises to create platforms that facilitate financial services for small and micro businesses in the service sector [7] - The integration of financial technology into consumption scenarios is seen as a way to provide comprehensive financial solutions, enhancing the overall service experience for consumers [7]