Core Viewpoint - The Ministry of Commerce has issued a notification to strengthen the collaboration between commerce and finance, aiming to boost consumption through 11 specific policy measures across three main areas [1][15]. Group 1: Strengthening Financial Support for Key Consumption Areas - Emphasis on enhancing financial services for durable goods and digital products to tap into consumption upgrade potential [1][6]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services like installment plans and digital currency [1][6]. - Support for cross-border supply chain financing and integration of domestic and foreign trade operations [1][6]. Group 2: Expanding Service Consumption Policies - A comprehensive policy framework ("1+N") is proposed to support service consumption in sectors like hospitality, entertainment, and education [1][7]. - Financial products and services will be innovated to better fit into consumption scenarios and ecosystems [1][7]. - Encouragement for financial institutions to provide loans to service sectors and elderly care businesses [1][7]. Group 3: Promoting New Consumption Models - Initiatives to foster new consumption types, including green and digital consumption, with tailored financial services [1][8]. - Financial institutions are urged to collaborate with e-commerce platforms to develop internet-adapted business models [1][8]. - Support for expanding consumer access and convenience through innovative financial solutions [1][8]. Group 4: Enhancing Government-Financial-Enterprise Cooperation - Encouragement for financial institutions to participate in local consumption promotion activities, offering specialized products and services [1][10]. - Development of a project list for key consumption areas to facilitate information sharing between local commerce departments and financial institutions [1][11]. - Promotion of consumer rights and rational borrowing through effective communication of financial policies [1][12].

Core Viewpoint - The joint notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Authority aims to enhance collaboration between commerce and finance to boost consumer spending and support economic recovery [1][2]. Group 1: Strengthening Financial Support for Key Consumption Areas - Financial support will be increased for durable goods and digital products, focusing on enhancing consumer finance services to tap into the potential for consumption upgrades [4]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services such as installment plans, credit cards, and digital currency, thereby better meeting consumer demand for upgrades [4][5]. - Personal consumer loan policies will be tailored based on customer repayment ability and credit status, with differentiated policies on loan amounts, terms, and interest rates to accelerate the development of personal consumer loans [4][5]. Group 2: Promoting Service Consumption - A comprehensive policy framework will be established to support service consumption, focusing on sectors like home services, hospitality, entertainment, education, tourism, and elder care [5][6]. - Financial products and services will be innovated to better integrate into consumption scenarios, enhancing the accessibility and convenience of financial services for consumers [6]. - Financial institutions are encouraged to provide loans to service sector entities and to promote intangible asset financing for small and micro enterprises [6][7]. Group 3: Cultivating New Consumption Models - The initiative aims to promote new consumption types such as green consumption, health consumption, and digital consumption, with financial support tailored to these emerging sectors [6][7]. - Financial institutions are urged to collaborate with social e-commerce and live-streaming platforms to develop business models that cater to internet characteristics [6][7]. - There will be an emphasis on expanding customer reach and enhancing service accessibility, particularly for underserved segments [6][7]. Group 4: Enhancing Government-Financial Institution-Enterprise Cooperation - Financial institutions are encouraged to actively participate in local consumption promotion activities organized by commerce departments, offering tailored financial products and services [8][9]. - A focus on information sharing between local commerce departments and financial institutions will facilitate better alignment and support for consumption projects [8][9]. - The initiative includes promoting consumer rights and guiding rational borrowing and consumption among consumers [9].

Core Viewpoint - The notification emphasizes the need for enhanced collaboration between the business and financial sectors to stimulate and expand consumer spending, aligning with the directives of the central government [2][3]. Group 1: Strengthening Collaboration - Local business authorities and financial management departments are encouraged to improve communication and establish coordination mechanisms to address challenges in financial support for consumer expansion [2][3]. - Financial institutions are urged to align their resources and services with existing policies to actively support consumer spending initiatives [3][4]. - Local authorities are encouraged to utilize existing funding channels and collaborate with financial institutions to enhance the effectiveness of consumer promotion activities [3][4]. Group 2: Financial Support for Key Consumer Areas - Financial services for durable goods and digital products are to be strengthened, with a focus on meeting consumer upgrade demands through various payment options [4][5]. - The notification calls for the development of innovative financial products tailored to service consumption sectors such as hospitality, entertainment, and education [5][6]. - New consumption models, including green and digital consumption, are to be promoted with financial support, encouraging collaboration between financial institutions and e-commerce platforms [6][7]. Group 3: Enhancing Government-Financial-Enterprise Cooperation - Financial institutions are encouraged to participate in local consumer promotion activities, offering tailored products and services to reach a broader audience [8][9]. - Information sharing between local business authorities and financial institutions is to be improved to facilitate precise financing services for key consumer projects [9][10]. - The notification highlights the importance of promoting financial policies and protecting consumer rights to encourage responsible borrowing and spending [9][10].

商务部办公厅 中国人民银行办公厅 金融监管总局办公厅 关于加强商务和金融协同 更大力度提振消费的通知 商办财函〔2025〕447号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团商务主管部门，中国人民银行上海总部，各 省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，各政策性银行、大型银行、股份制银 行，各保险集团（控股）公司、保险公司： 为深入贯彻党中央、国务院决策部署，强化商务和金融系统协作，引导金融机构聚焦消费重点领域加大 支持力度，助力提振和扩大消费，现将有关事项通知如下： 一、深化商务和金融系统协作 （一）完善协作机制。地方商务主管部门与金融管理部门加强沟通交流和分工协作，结合实际情况建立 健全协调工作机制，推动解决金融支持扩消费工作落实中遇到的困难和问题。鼓励有条件的地方与金融 机构健全沟通合作机制、推出专门工作方案等，引导金融机构依据市场化、法治化原则，丰富金融产品 和服务，加大对消费领域的金融供给。 （二）细化落实举措。地方商务主管部门结合扩消费工作，加强与金融管理部门政策衔接、工作对接和 信息共享，推动进一步调动金融资源，抓好相关政策措施落地生效。金融机构按照《关于金融支持提振 ...

每经AI快讯，近日，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布关于加强商务和 金融协同，更大力度提振消费的通知。其中提到，培育新型消费。因地制宜推动新型消费发展，按照风 险可控、商业可持续原则，积极探索金融支持首发经济、绿色消费、健康消费、数字消费、"人工智能 +消费"、"IP+消费"等消费新业态新模式的有效举措，提供更具多样性、差异化的金融服务。引导金融 机构与社交电商、直播电商等开展合作，开发适应互联网特点的业务模式。支持金融机构加强与实体零 售、电商平台合作，扩大"一站式"金融服务。在依法合规、风险可控的前提下，合理适度扩大客户范 围，下沉服务"长尾"客户，增强可获得性和便利度。支持金融机构、大型企业在依法合规的前提下，探 索扩大消费积分应用。 ...

为深入贯彻党中央、国务院决策部署，强化商务和金融系统协作，引导金融机构聚焦消费重点领域加大 支持力度，助力提振和扩大消费，现将有关事项通知如下： 一、深化商务和金融系统协作 （一）完善协作机制。地方商务主管部门与金融管理部门加强沟通交流和分工协作，结合实际情况建立 健全协调工作机制，推动解决金融支持扩消费工作落实中遇到的困难和问题。鼓励有条件的地方与金融 机构健全沟通合作机制、推出专门工作方案等，引导金融机构依据市场化、法治化原则，丰富金融产品 和服务，加大对消费领域的金融供给。 （二）细化落实举措。地方商务主管部门结合扩消费工作，加强与金融管理部门政策衔接、工作对接和 信息共享，推动进一步调动金融资源，抓好相关政策措施落地生效。金融机构按照《关于金融支持提振 和扩大消费的指导意见》《关于发展消费金融助力提振消费的通知》等已出台政策要求，统筹内部资 源，主动靠前服务，制定具体实施细则，开展专项行动等，支持提振和扩大消费。 商务部办公厅 中国人民银行办公厅 金融监管总局办公厅 关于加强商务和金融协同 更大力度提振消费的通知 商办财函〔2025〕447号 各省、自治区、直辖市及计划单列市、新疆生产建设兵团商务主管 ...

Core Insights - The Jiangsu Provincial Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the need to continuously boost consumption [1] Group 1: Consumption Enhancement Strategies - Implementation of special actions to boost consumption and cultivate specialized leading enterprises in the consumption sector [1] - Promotion of employment, income growth, and stable expectations, along with a reasonable increase in public service spending as a proportion of fiscal expenditure to enhance residents' consumption capacity [1] - Expansion and upgrading of goods consumption, with a focus on automobiles, home appliances, and smart devices [1] Group 2: New Consumption Models and Scenarios - Optimization of service consumption supply to stimulate "culture+", "tourism+", and "sports+" consumption vitality, while expanding new types of consumption such as digital, green, and health consumption [1] - Development of new consumption scenarios including first launches, first stores, first shows, first exhibitions, and premieres, alongside support for new consumption formats like events, performances, and nighttime economy [1] - Promotion of instant retail, virtual live streaming, ticket economy, and digital cultural tourism as new consumption models [1] Group 3: Infrastructure and Mechanism Improvements - Steady construction of multi-level consumer center cities and support for the establishment of characteristic consumption aggregation areas [1] - High-quality development of regional central business districts [1] - Improvement of consumption promotion mechanisms, removal of unreasonable restrictive measures in the consumption sector, implementation of paid staggered vacations, and strengthening consumer rights protection to create a trustworthy, fair, convenient, and safe consumption environment [1]

21世纪经济研究院 研究员 李果 近期，广东、浙江、福建、陕西、山东、湖北、辽宁、黑龙江、四川等地陆续公布了地方版"国民经济和社会发展第十五个五年规划的建 议"（以下简称"十五五"规划建议）。 提振消费、挖掘消费潜力成为这些地区"十五五"时期的重点工作之一，培育建设国际消费中心城市也继续获得重视，不少地区还公布了在"十 五五"时期重点支持培育的城市名单。 比如，广东"十五五"规划建议提出，"支持广州、深圳等建设国际消费中心城市和区域消费中心城市"，湖北提出"支持武汉打造国际消费中心 城市"，山东提出"支持济南、青岛对标建设国际消费中心城市，培育区域性消费中心城市和特色消费中心"。 可以看出，在培育建设国际消费中心城市上，多数地区重点支持的城市仅1-2座，但浙江"十五五"规划建议中，明确提出"支持杭州、宁波、温 州争创国际消费中心城市"。纵览全国，浙江很可能是"十五五"时期重点支持城市数量最多的一个省。 这里有两方面的问题值得探讨： 一是与杭州、宁波相比，温州的入选颇有意外，温州在近年来做对了哪些事？ 二是浙江省为什么要在"十五五"中选择三座城市进行国际消费上的重点培育？ 而如果搞清楚了这两个问题，就能看懂温州 ...

党的二十届四中全会提出："坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人 紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强 国内大循环内生动力和可靠性。" 当前，内需成为拉动我国经济增长的主动力和稳定锚。"十五五"时期是基本实现社会主义现代化夯实基 础、全面发力的关键时期。要建设强大国内市场，大力提振消费，扩大有效投资，全方位扩大国内需 求，更好发挥超大规模市场优势，推动高质量发展取得新的更大成效。 ——编 者 协同推进促消费与惠民生 随着编钟声悠扬响起，身着霓裳的演员踏着节奏，脚踩夜色缓缓升空，衣袂翩跹、动作优美。演员在空 中轻盈地旋转、腾跃，每一个动作都精准把控着力度与美感。拂袖间，花瓣如雪花般纷纷扬扬飘落。古 建飞檐与漫天花雨相映成趣。 依托丰富的历史文化资源，近年来，洛阳不断推出消费新业态，打造消费新场景，促进文化与经济的深 度融合。今年国庆中秋假期，洛阳累计接待游客879.45万人次，旅游总收入达75.63亿元。 【解读】 "十四五"时期，我国消费主引擎和稳定器作用增强，强大国内市场优势凸显。消费市场规模稳居全球第 二，服务消费保持较快增长 ...

湘财证券指出，消费市场保持平稳增长，消费潜力持续释放，并呈现出显著的结构性特征。升级类商品 消费旺盛，在"以旧换新"等政策助推下，与品质生活和提升效率相关的商品销售增长迅猛。新型与绿色 消费活跃，智能、健康、绿色等新型消费理念正催生新的市场增长点，智能穿戴、智能健康设备、有机 食品等销售额均实现显著增长。此外，县域商业潜力释放，乡村消费增速持续快于城镇，表明随着县域 商业设施的完善和乡村振兴战略的推进，下沉市场正成为消费扩容的重要阵地。在国内扩内需稳增长政 策持续刺激推进下，国内线下消费能力与意愿有望进一步走高，建议关注国货美容护理头部品牌，尤其 是稀缺的高端国货品牌。 据悉，"十四五"以来，零售业对促进消费和投资的贡献巨大。2024年全国社会消费品零售总额同比增长 3.5%。2025年前三季度，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售 额，同比分别增长6.4%、4.4%、0.9%、4.8%、1.5%。 零售板块10日盘中再度活跃，截至发稿，欢乐家涨超12%，永辉超市、中央商场、美凯龙、安记食品、 东百集团等均涨停。值得注意的是，安记食品已连续7个交易日涨停，东百集团、永辉超市分别斩获 ...