日前召开的2026年首场国务院常务会议部署实施财政金融协同促内需一揽子政策。 围绕促进居民消费，此次国常会明确，将优化实施服务业经营主体贷款、个人消费贷款贴息政策（即"双贴 息"政策），推动增加优质服务供给，增强居民消费能力。多位受访的业内人士建议，推动经办机构扩围、动 态调整政策支持范围、打通政府部门与金融机构之间的数据壁垒实现审核流程简化等，均是未来政策优化方 向。 个人消费贷款贴息政策覆盖机构有望扩围 去年8月，财政部联合人民银行、金融监管总局等部门，首次从中央财政层面对居民个人消费贷款和消费领域 的服务业经营主体贷款实施贴息政策。其中，对2025年3月16日至2025年12月31日签订合同的餐饮住宿等8类消 费领域服务业经营主体贷款，予以1个百分点的贴息，单户最高可享贴息1万元；自2025年9月1日至2026年8月 31日，对单笔5万元以下消费、单笔5万元及以上的家用汽车等7大重点领域消费的个人消费贷款，予以1个百分 点的贴息，每名借款人在单家贷款经办机构最高可享3000元贴息。 从金融层面来看，招联首席研究员、上海金融与发展实验室副主任董希淼指出，城商行、农商行的客户更下 沉，其服务的客户群体更容易 ...

个人消费贷款贴息政策覆盖机构有望扩围 去年8月，财政部联合中国人民银行、金融监管总局等部门，首次从中央财政层面对居民个人消 费贷款和消费领域的服务业经营主体贷款实施贴息政策。其中，对2025年3月16日至2025年12月 31日签订合同的餐饮住宿等8类消费领域服务业经营主体贷款，予以1个百分点的贴息，单户最高 可享贴息1万元；自2025年9月1日至2026年8月31日，对单笔5万元以下消费、单笔5万元及以上的 家用汽车等7大重点领域消费的个人消费贷款，予以1个百分点的贴息，每名借款人在单家贷款经 办机构最高可享3000元贴息。 围绕促进居民消费，此次国常会明确，将优化实施服务业经营主体贷款、个人消费贷款贴息政策 （即"双贴息"政策），推动增加优质服务供给，增强居民消费能力。多位受访的业内人士建议， 推动经办机构扩围、动态调整政策支持范围、打通政府部门与金融机构之间的数据壁垒实现审核 流程简化等，均是未来政策优化方向。 日前召开的2026年首场国务院常务会议部署实施财政金融协同促内需一揽子政策。 在财政资源撬动下，不少金融机构在消费领域加大了信贷投放力度。例如，国有大行中，工行截 至2025年11月末，当年累计 ...

日前召开的国务院常务会议部署实施财政金融协同促内需一揽子政策。围绕促进居民消费，此次国常会明确，将 优化实施服务业经营主体贷款、个人消费贷款贴息政策（即"双贴息"政策），推动增加优质服务供给，增强居民 消费能力。多位受访的业内人士建议，推动经办机构扩围、动态调整政策支持范围、打通政府部门与金融机构之 间的数据壁垒实现审核流程简化等，均可成为未来政策优化方向。 证券时报记者 秦燕玲 从金融层面看，上海金融与发展实验室副主任董希淼指出，城商行、农商行的客户更下沉，其服务的客户群体更 容易受经济下行周期影响，这些客户相对更需要通过贴息来减轻利息支出，贴息政策的边际效用也会更大。 财政部副部长廖岷此前解读"双贴息"政策时就已透露，两项政策到期后，会开展效果评估，研究视情延长政策的 期限，或扩大支持范围，和调整贷款经办机构的范围。 仅从贷款经办机构扩围来看，汪峰认为，尽管区域性银行纳入政策范围会带来多方面积极意义，但仍然存在金融 风险管理、政策执行效能打折扣以及政策"挤出效应"和短期化倾向等隐忧。 汪峰建议，接下来可积极运用数字人民币智能合约技术，实现补贴资金闭环管理，确保其精准直达预设的消费场 景，大幅降低监管成本。 ...

日前召开的2026年首场国务院常务会议部署实施财政金融协同促内需一揽子政策。 围绕促进居民消费，此次国常会明确，将优化实施服务业经营主体贷款、个人消费贷款贴息政策 （即"双贴息"政策），推动增加优质服务供给，增强居民消费能力。多位受访的业内人士建议，推动经 办机构扩围、动态调整政策支持范围、打通政府部门与金融机构之间的数据壁垒实现审核流程简化等， 均是未来政策优化方向。 个人消费贷款贴息政策覆盖机构有望扩围 去年8月，财政部联合中国人民银行、金融监管总局等部门，首次从中央财政层面对居民个人消费贷款 和消费领域的服务业经营主体贷款实施贴息政策。其中，对2025年3月16日至2025年12月31日签订合同 的餐饮住宿等8类消费领域服务业经营主体贷款，予以1个百分点的贴息，单户最高可享贴息1万元；自 2025年9月1日至2026年8月31日，对单笔5万元以下消费、单笔5万元及以上的家用汽车等7大重点领域消 费的个人消费贷款，予以1个百分点的贴息，每名借款人在单家贷款经办机构最高可享3000元贴息。 根据当前的个人消费贷款贴息政策，中央财政支持的首批经办机构包括18家全国性商业银行、微众银 行，以及4家资产规模位居行 ...

1月9日，国务院总理李强主持召开国务院常务会议，部署实施财政金融协同促内需一揽子政策；研究推 行常住地提供基本公共服务有关工作；审议通过《中华人民共和国自然保护区条例（修订草案）》。 本次会议部署实施财政金融协同促内需一揽子政策。围绕促进居民消费，优化实施服务业经营主体贷 款、个人消费贷款贴息政策，推动增加优质服务供给，增强居民消费能力。 围绕支持民间投资，实施中小微企业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债 券风险分担机制，优化实施设备更新贷款财政贴息政策，进一步降低企业融资门槛和成本。 此外，本次会议还研究推行常住地提供基本公共服务有关工作。会议指出，要完善随迁子女教育政策， 扩大公租房保障范围，健全就业地参加职工社会保险制度，加强常住地基本医疗保障等。 债券市场资金筹集规模大、成本低、期限长，在支持科技创新方面具有独特优势。而风险分担工具不仅 确保了债券发行的安全性，也将支持发债期限进一步拉长。 近年来，证监会积极发挥市场化增信作用，支持民营企业债券融资。2025年，为支持股权投资机构 在"科技板"发行长期限债券融资，人民银行会同证监会创设了风险分担工具，由央行提供低成本的再贷 款资 ...

围绕支持民间投资，实施中小微企业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债券风险分担机制，优化实施设备更新贷款 财政贴息政策，进一步降低企业融资门槛和成本。 此外，本次会议还研究推行常住地提供基本公共服务有关工作。会议指出，要完善随迁子女教育政策，扩大公租房保障范围，健全就业地参加职 工社会保险制度，加强常住地基本医疗保障等。 1月9日，国务院总理李强主持召开国务院常务会议，部署实施财政金融协同促内需一揽子政策；研究推行常住地提供基本公共服务有关工作；审 议通过《中华人民共和国自然保护区条例（修订草案）》。 本次会议部署实施财政金融协同促内需一揽子政策。围绕促进居民消费，优化实施服务业经营主体贷款、个人消费贷款贴息政策，推动增加优质 服务供给，增强居民消费能力。 优化实施"双贴息"政策 会议指出，实施财政金融协同促内需一揽子政策，是扩大有效需求、创新宏观调控的重要举措。要加强财政政策与金融政策配合联动，充分发挥 政策效应，引导社会资本参与促消费、扩投资。 围绕促进居民消费，本次会议提出，优化实施服务业经营主体贷款、个人消费贷款贴息政策，推动增加优质服务供给，增强居民消费能力。 "双贴息"政策自 ...

Core Viewpoint - The implementation of the "double interest subsidy" policy for personal consumption loans and service industry loans aims to stimulate consumption and expand domestic demand, which is a key focus of current economic work [1][2]. Group 1: Policy Implementation and Impact - The "double interest subsidy" policy is designed to effectively release the potential of domestic demand and support various consumer expenditures, including home renovations and essential services [1][2]. - For example, a consumer taking a loan of 200,000 yuan for home improvement could save approximately 2,000 yuan in interest payments due to a 1% subsidy, while a restaurant upgrading its facilities with a 1,000,000 yuan loan could save around 10,000 yuan [1]. - The policy covers a wide range of consumer needs, from essential items to discretionary spending, indicating a comprehensive approach to stimulating consumption [1][2]. Group 2: Consumer Loan Statistics - As of the end of 2024, the balance of consumer loans (excluding housing loans) in China is projected to reach 21.01 trillion yuan, reflecting a year-on-year growth of 6.2% [2]. - Empirical studies show that the introduction of consumer financial products can increase borrowing consumers' spending by 16% to 30%, while merchant sales can rise by approximately 40% [2]. - There is a notable supply-demand gap in consumer credit services, with the demand rate exceeding actual participation by 5.3 percentage points in 2021, up from 2.5 percentage points in 2019 [2]. Group 3: Broader Economic Policies - The "double interest subsidy" policy is part of a broader set of measures aimed at enhancing consumer confidence and spending, including free preschool education and childcare subsidies [2]. - The government has initiated various policies, including a 500 billion yuan service consumption and elderly care re-loan program, to create a cohesive framework for stimulating consumption [2]. - The "national subsidy" program for replacing old consumer goods has already driven over 2.9 trillion yuan in consumption, benefiting around 400 million people [3]. Group 4: Innovation and Consumer Engagement - Understanding consumer psychology and preferences is crucial for creating demand and enhancing consumption, emphasizing the importance of innovation [4]. - Innovative products and services, such as cultural souvenirs and drone delivery systems, are emerging as effective ways to engage consumers and meet new demands [3][4]. - The market's capacity is significant, and businesses are encouraged to leverage policy benefits while focusing on genuine innovation to boost consumption [5].

Group 1 - The "double subsidy" policy for personal consumption loans and service industry loans aims to stimulate consumer spending and enhance economic growth [1][2] - The policy is expected to reduce interest expenses significantly for consumers and businesses, with examples showing potential savings of up to 2,000 yuan for a 200,000 yuan loan and 10,000 yuan for a 1,000,000 yuan loan [1] - The policy covers a wide range of consumption areas, including essential needs like childcare and healthcare, as well as discretionary spending like education and tourism [1][2] Group 2 - Data from the People's Bank of China indicates that by the end of 2024, the balance of consumer loans (excluding mortgages) is projected to reach 21.01 trillion yuan, reflecting a year-on-year growth of 6.2% [2] - Empirical studies show that the introduction of consumer finance products can increase borrowing consumers' spending by 16% to 30%, while merchant sales can rise by approximately 40% [2] - There is a notable supply-demand gap in consumer credit services, with the demand rate exceeding actual participation by 5.3 percentage points in 2021 [2] Group 3 - The "national subsidy" program for replacing old consumer goods has stimulated over 2.9 trillion yuan in consumption and benefited around 400 million people [3] - Innovative products and services, such as cultural souvenirs and drone delivery systems, are emerging to meet new consumer demands and enhance shopping experiences [3][4] - Understanding consumer psychology and preferences is crucial for creating demand and driving consumption, emphasizing the importance of innovation [4][5] Group 4 - The government and market collaboration is essential for effectively boosting consumption, with a focus on leveraging policy benefits and fostering innovation among businesses [5]

Core Viewpoint - The implementation of the "double interest subsidy" policy for personal consumption loans and service industry loans aims to stimulate consumption and expand domestic demand, which is a key focus of current economic work [1][2]. Group 1: Policy Implementation and Impact - The "double interest subsidy" policy is designed to effectively release the potential of domestic demand and support various consumer expenditures, including home renovations and essential services [1][2]. - For example, a consumer taking a loan of 200,000 yuan for home improvement could save approximately 2,000 yuan in interest payments due to a 1% subsidy, while a restaurant upgrading its facilities with a 1,000,000 yuan loan could save around 10,000 yuan [1][2]. - The policy covers a wide range of consumer needs, from essential items to discretionary spending, indicating a comprehensive approach to stimulating consumption [1][2]. Group 2: Consumer Loan Statistics - As of the end of 2024, the balance of consumer loans (excluding mortgages) in China is projected to reach 21.01 trillion yuan, reflecting a year-on-year growth of 6.2% [2]. - Empirical studies show that the introduction of consumer financial products can increase borrowing consumers' spending by 16% to 30%, while merchant sales can rise by approximately 40% [2]. - There is a notable supply-demand gap in consumer credit services, with the demand rate exceeding actual participation by 5.3 percentage points in 2021, up from 2.5 percentage points in 2019 [2]. Group 3: Broader Economic Policies - The "double interest subsidy" policy is part of a broader set of measures aimed at enhancing consumer confidence and spending, including free preschool education and childcare subsidies [2]. - The government has initiated various policies, such as a 500 billion yuan service consumption and elderly care re-loan, to create a cohesive framework for stimulating consumption [2]. - The cumulative effect of these policies is expected to significantly boost the consumption capacity of the middle-income group [2]. Group 4: Innovation and Consumer Engagement - The success of these policies relies on understanding consumer psychology and preferences, emphasizing the need for innovation in product offerings [4][5]. - Examples of innovative consumer products and services, such as cultural souvenirs and drone delivery systems, highlight the importance of creating new demand [3][4]. - The market's ability to leverage policy benefits through innovation will be crucial for effectively boosting consumption [5].

Core Viewpoint - Agricultural Bank of China reported steady growth in net profit and operating income for the first half of 2025, maintaining a positive outlook for the second half of the year amid a resilient macroeconomic environment [1][3]. Financial Performance - For the first half of 2025, Agricultural Bank achieved a net profit growth rate improvement and a further enhancement in main business income, indicating robust financial performance [3]. - As of June 30, 2025, the bank's A-shares and H-shares increased by 12.05% and 30.41% respectively compared to the end of the previous year, with a total market capitalization of 2.46 trillion yuan [1]. Dividend Distribution - The board of directors proposed a cash dividend of 1.195 yuan per 10 shares (including tax), totaling 41.823 billion yuan (including tax) for the first half of 2025 [1]. Business Strategy - The bank aims to balance scale and pricing, cost and revenue, as well as risk and profitability to ensure sustainable development [5]. - Agricultural Bank is actively promoting personal credit lending, with a personal loan balance of 93,074.26 billion yuan as of June 30, 2025, reflecting a 5.6% increase from the previous year [5]. Consumer Loan Initiatives - The bank has extended the maximum term for personal consumption loans from 5 years to 7 years and introduced various renewal tools to assist customers facing temporary difficulties [6]. - A dedicated task force has been established to implement the "dual interest subsidy" policy effectively, ensuring that national policies are accurately and efficiently transmitted to businesses [6]. Asset Quality Management - Agricultural Bank has maintained stable asset quality with a declining non-performing loan ratio, focusing on risk management in key areas such as real estate and local government debt [8]. - The bank is committed to supporting the real estate sector while managing risks through precise financial services and project management [7]. Urban Credit Business Transformation - Following the central urban work conference, Agricultural Bank is adjusting its credit strategy to support urban development, including financing for urban renewal and affordable housing projects [9].