“双贴息”政策优化在即，贷款经办机构有望扩围

Core Viewpoint - The State Council's recent meeting has outlined a comprehensive policy package aimed at promoting domestic demand through financial and fiscal collaboration, focusing on enhancing consumer spending capabilities by optimizing personal consumption loan interest subsidy policies [1] Group 1: Policy Implementation - The "double subsidy" policy for personal consumption loans will be optimized, including expanding the range of institutions eligible for subsidies and simplifying the approval process by breaking down data barriers between government departments and financial institutions [1][6] - The initial implementation of the subsidy policy has seen significant engagement from major banks, with Industrial and Commercial Bank of China issuing nearly 400 billion yuan in personal consumption loans by the end of November 2025, and Agricultural Bank of China reporting a balance of 1.46 trillion yuan in personal consumption loans, with a growth rate of 9.4% [2] Group 2: Expansion of Eligible Institutions - The current subsidy policy covers 18 national commercial banks and several leading consumer finance companies, with expectations for further expansion to include more regional banks, enhancing the policy's reach [3][4] - Local governments, such as those in Chongqing and Sichuan, have already begun to integrate regional banks into the subsidy framework, demonstrating a trend towards a "national and local subsidy" model that could be adopted by more provinces [4] Group 3: Financial Impact and Recommendations - The consumer finance sector is expected to benefit significantly from the subsidy policy, particularly for smaller banks that serve clients more affected by economic downturns, thus increasing the marginal utility of the subsidies [5] - Recommendations for optimizing the subsidy policy include establishing differentiated subsidy strategies based on regional development levels and specific consumer needs, as well as integrating digital technologies to enhance monitoring and efficiency in fund allocation [6][7]