以“两贴息”夯实消费支点，以保障体系打造消费安全垫

Core Viewpoint - The article discusses the introduction of two new subsidy policies aimed at boosting consumer spending and economic growth in China, reflecting a strategic shift towards enhancing fiscal and financial collaboration to stimulate consumption and address economic challenges [2][3]. Summary by Sections Policy Implementation - The "Two Subsidy" policies, which include personal consumption loan interest subsidies and service industry loan interest subsidies, represent a significant move by the central government to promote consumption as a key driver of economic growth [2]. - These policies aim to maximize the multiplier effect of public financial resources and are seen as proactive measures to explore the boundaries of economic development [2][3]. Current Economic Challenges - There is a notable decline in consumer willingness and ability to spend, as evidenced by negative new credit data reported by the central bank, indicating a lack of confidence among consumers [3]. - In July, household loans decreased by 489.3 billion yuan, with short-term and medium-to-long-term loans also showing significant reductions, reflecting a broader trend of reduced borrowing and spending [2][3]. Consumer Behavior Insights - The reluctance to incur debt for consumption is attributed to concerns about future job security and income stability, particularly in light of advancements in AI technology and a shrinking job market [3]. - Additionally, a significant increase in household savings, totaling 9.66 trillion yuan in the first seven months, suggests a shift towards precautionary savings in response to economic uncertainties [3]. Recommendations for Policy Effectiveness - To ensure the effective implementation of the "Two Subsidy" policies, it is crucial to create an environment that enhances market demand elasticity [4]. - This includes fostering a fair employment environment and improving social security systems to alleviate consumer anxieties about the future, thereby encouraging spending [4][5]. Conclusion - The "Two Subsidy" policies are positioned as a new lever for enhancing consumer spending and economic growth, with the potential to transform consumer demand into actionable economic activity [5]. - By addressing underlying consumer concerns and improving the overall economic environment, these policies could significantly impact the effectiveness of consumption as a growth driver [5].