用好消费贷贴息应打好“组合拳”

Core Viewpoint - The article discusses the challenges of boosting consumer spending in the context of debt deleveraging, suggesting that the consumer loan interest subsidy policy may not be sufficient on its own and that a multi-faceted approach is necessary to achieve desired outcomes [1][5]. Summary by Sections Consumer Loan Interest Subsidy Policy - On August 12, the Ministry of Finance and other departments issued the implementation plan for the personal consumer loan interest subsidy policy, which aims to reduce financing costs in the consumer sector [2]. - This policy represents a shift in fiscal policy towards more direct support for households and individuals, including initiatives like cash subsidies for childcare [2]. - The subsidy is limited in scope and should not be overinterpreted as a replacement for other consumer incentives, such as trade-in subsidies [2][3]. Relationship Between Consumer Loans and Spending - The relationship between consumer loans and retail consumption growth is complex, with evidence suggesting that increased consumer loans do not necessarily lead to higher consumption levels [3]. - Despite a significant reduction in average consumer loan interest rates from 6% to 3% since 2022, the growth rate of household consumer loans has declined [3]. Impact on Financial Institutions - The subsidy policy allows for a maximum interest reduction of 1 percentage point, potentially lowering consumer loan rates to 2% [4]. - This creates a competitive advantage for major banks and leading consumer finance companies, while smaller local banks may face challenges due to the lack of coverage under the policy [4]. - The policy is part of a broader set of measures aimed at stimulating consumption, including significant funds allocated for service consumption and other subsidies [4].