Guo Ji Jin Rong Bao·2026-01-23 14:27Core Viewpoint - Major banks are rapidly implementing optimized personal consumption loan interest subsidy policies, with over 10 banks having released operational guidelines as of January 23, 2023, indicating a strong response to the government's initiative [1][2]. Group 1: Implementation of Policies - The Ministry of Finance and other departments introduced an optimized personal consumption loan interest subsidy policy on January 20, 2023, leading to immediate responses from six major state-owned banks and several joint-stock banks [2]. - Banks will provide services under the adjusted interest subsidy policy starting January 1, 2026, for eligible personal consumption loan and credit card installment customers, with automatic application of the new policy for existing agreements [2]. - Credit card installment services have been included in the subsidy scope, with banks offering convenient application methods for customers [2]. Group 2: Compliance and Security Measures - Banks have stated that no additional fees will be charged during the processing of personal consumption loans and credit card installment interest subsidy services, emphasizing the importance of safeguarding personal property and information against fraud [3]. - The Industrial and Commercial Bank of China has prohibited the provision of false documentation or illegal loan applications, with strict penalties for those who attempt to fraudulently obtain subsidy funds [3]. Group 3: Expansion of Participating Institutions - The policy optimization has expanded the range of participating institutions, allowing local financial institutions, including city commercial banks and rural cooperative financial institutions with a rating of 3A or above, to be included in the subsidy program [4][5]. - Several local financial institutions, such as Shangyu Rural Commercial Bank and Linhai Rural Commercial Bank, have joined the subsidy initiative, indicating a broader implementation of the policy [5]. Group 4: Industry Insights - Analysts suggest that the current fiscal subsidy, combined with recent structural interest rate cuts, may help mitigate downward pressure on asset yields and support banks' net interest margins [5][6]. - The upcoming maturity and repricing of high-interest fixed-term deposits in 2026, along with accelerated optimization of funding costs, are expected to narrow the decline in banks' interest margins and improve the certainty of stabilization [6].