保民生、促消费，财政政策持续加码

Core Viewpoint - A series of fiscal policies have been introduced to invest more financial resources in people's livelihoods, promote consumption, and stabilize the economy [3][4]. Group 1: Childcare Subsidies - Starting from January 1, 2025, a monthly childcare subsidy of 300 yuan will be provided for infants under three years old, benefiting over 28 million children, with a total potential subsidy of up to 10,800 yuan per newborn over three years [3][4]. - The Ministry of Finance estimates that the childcare subsidy policy will increase fiscal spending by approximately 100 billion yuan annually, with the central government covering about 90% of the costs [3][4]. Group 2: Free Preschool Education - From the autumn semester of 2025, the fees for kindergarten classes will be waived, directly benefiting around 12 million children, with an estimated fiscal expenditure of about 200 billion yuan for one semester [3][4]. Group 3: Pension Increases and Consumption Support - A 2% increase in basic pensions has been implemented, benefiting approximately 150 million retirees [5]. - A total of 300 billion yuan in special long-term bonds will be allocated in four batches to support consumption through trade-in programs [5]. Group 4: Loan Subsidy Policies - The implementation of personal consumption loan and service industry loan interest subsidies at 1% per year, with maximum subsidies of 3,000 yuan and 10,000 yuan respectively, aims to reduce credit costs for residents and businesses [7][8]. - As of July 16, 2025, approximately 280 million people have applied for the consumption subsidy, leading to sales exceeding 1.6 trillion yuan [7][8]. Group 5: Economic Impact and Expert Insights - Experts believe that the interest subsidy policies will leverage fiscal funds to enhance consumption, particularly in the service sector, by addressing both demand and supply sides [8][9]. - The initial implementation of consumption loan subsidies in Sichuan province showed an increase in loan growth from 7.2% to 8.1% in the first month [9].