消费贷贴息政策升级！信用卡分期能减息，三四线城市受益更明显

Core Viewpoint - The article discusses the recent optimization of the personal consumption loan subsidy policy in China, which aims to stimulate consumer spending by extending the policy until the end of 2026 and including credit card installment payments in the subsidy scope [3][9]. Group 1: Policy Implementation and Impact - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau have announced the extension of the personal consumption loan subsidy policy, which was initially introduced in August 2025 [3][5]. - The policy has shown initial effectiveness, with significant growth in personal consumption loans reported by major banks, such as Industrial and Commercial Bank of China issuing nearly 400 billion yuan in loans by November 2025 [7]. - Despite the positive effects of the policy, there are still structural challenges in the consumer credit market, with a notable decline in household loans reported in December 2025 [8]. Group 2: Changes in Subsidy Policy - The new notification increases the subsidy cap for individual consumers from 500 yuan to 3,000 yuan per transaction and includes credit card installment payments, removing previous restrictions on transactions over 50,000 yuan [9][10]. - The policy now covers additional sectors such as digital, green, and retail, expanding the areas eligible for subsidies [9]. - Experts suggest that the inclusion of credit card installments will enhance consumer spending and improve the overall effectiveness of the subsidy policy [10]. Group 3: Future Outlook and Recommendations - Analysts emphasize the need for further policy adjustments to enhance the precision and efficiency of the subsidy program, including expanding the support scope and improving data sharing between government and banks [10]. - The focus on boosting consumer demand and expanding domestic consumption is expected to be a key priority for future policies, with measures like consumption loan subsidies and credit card support playing a crucial role [10].