【重点关注】 ·《中美斯德哥尔摩经贸会谈联合声明》发布中美就24%关税继续暂停等达成共识 ·财政部等三部门发布个人消费贷款财政贴息政策实施方案 ·九部门：8类符合条件的服务业经营主体贷款可享贴息 【国内要闻】 ·中美双发发布《中美斯德哥尔摩经贸会谈联合声明》。美国将继续修改2025年4月2日第14257号行政令 中规定的对中国商品（包括香港特别行政区和澳门特别行政区商品）加征从价关税的实施，自2025年8 月12日起再次暂停实施24%的关税90天，同时保留按该行政令规定对这些商品加征的剩余10%的关税。 ·国务院关税税则委员会称，自2025年8月12日12时01分起，调整《国务院关税税则委员会关于对原产于 美国的进口商品加征关税的公告》（税委会公告2025年第4号）规定的加征关税措施，在90天内继续暂 停实施24%的对美加征关税税率，保留10%的对美加征关税税率。 ·财政部等三部门发布《个人消费贷款财政贴息政策实施方案》。方案提出，2025年9月1日至2026年8月 31日期间，居民个人使用贷款经办机构发放的个人消费贷款（不含信用卡业务）中实际用于消费，且贷 款经办机构可通过贷款发放账户等识别借款人相关消费交 ...

Group 1: Personal Consumption Loan Subsidy Policy - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau have issued a subsidy policy for personal consumption loans to stimulate consumer spending and economic growth [2][3] - The subsidy period is from September 1, 2025, to August 31, 2026, with a subsidy rate of 1% per year, capped at 50% of the loan contract interest rate [2][3] - Each borrower can receive a maximum subsidy of 3,000 yuan, corresponding to a total eligible consumption amount of 300,000 yuan [3] Group 2: Eligible Loan Institutions - The policy includes six major state-owned commercial banks and twelve national joint-stock commercial banks as eligible loan institutions [4] - Additionally, five other personal consumption loan issuing institutions are also included in the policy [4] Group 3: Service Industry Loan Subsidy Policy - A separate subsidy policy for service industry operators has been introduced, covering eight sectors including accommodation, elderly care, and tourism [5][6] - Loans must be issued between March 16, 2025, and December 31, 2025, and funds must be used to improve consumption infrastructure and service capabilities [7][8] - The subsidy for service industry loans is also set at 1% per year, with a maximum loan amount of 1 million yuan per borrower [8]

Group 1 - The A-share market saw a rebound on August 4, with the bank ETF Tianhong (515290) experiencing a fluctuation, rising by 0.52% and showing a premium trading rate of 0.02% [1] - As of August 1, the bank ETF Tianhong (515290) had a circulating share of 3.752 billion and a circulating scale of 5.715 billion yuan, ranking among the top two in its category [1] - The bank ETF Tianhong (515290) has seen a net inflow of over 49 million yuan in the two days leading up to August 1, indicating strong investor interest [1] Group 2 - The adjustment of the value-added tax policy is expected to impact the tax costs for listed banks on both asset and liability sides, with a more significant effect on the asset side [2] - The implementation of personal consumption loan interest subsidies and service industry loan subsidies is anticipated to benefit banks' fundamentals, potentially increasing consumer loans without pursuing lower-tier clients [2] - The policies aimed at supporting consumption are expected to help banks manage non-performing loans while increasing revenue, thereby improving their overall financial health [2]

Core Points - Guangdong Province has introduced a loan interest subsidy policy aimed at manufacturing and high-tech enterprises, effective from May 1, 2025, to December 31, 2027, with a maximum annual subsidy of 20 million yuan per enterprise [1][2] - The policy aims to enhance the accessibility of subsidy funds to enterprises, encouraging banks to approve loans quickly and efficiently, thereby boosting enterprise confidence and investment in innovation [1][2] Summary by Category Policy Details - The subsidy applies to loans issued to eligible manufacturing and high-tech enterprises, with a total loan scale capped at 200 billion yuan per year, amounting to a total of 600 billion yuan over three years [2] - Each loan contract can receive a subsidy for a maximum of one year, and the total subsidy cannot exceed the total interest of the loan [2] Eligible Entities - The policy specifically targets manufacturing enterprises registered in Guangdong under the national economic industry classification and high-tech enterprises recognized according to relevant policies [1][2] - A total of 21 national banks, 5 local city commercial banks, and various rural commercial banks in Guangdong are authorized to process these loans [2] Usage Restrictions - The loans must be used for specific purposes such as building factories, purchasing equipment, technological transformation, and R&D, and cannot be used for debt repayment, land purchases, or other non-productive investments [2]

Core Viewpoint - Guangdong Province has introduced a loan interest subsidy policy aimed at reducing financing costs for manufacturing and high-tech enterprises, with a maximum annual subsidy of 20 million yuan per enterprise from May 1, 2025, to December 31, 2027 [1][4]. Group 1: Policy Implementation - The policy is designed to facilitate direct access to subsidy funds for enterprises, ensuring banks can efficiently process loans and subsidies [1][6]. - The maximum annual subsidy per enterprise is set at 20 million yuan, with a total loan scale of 600 billion yuan over three years, capped at 200 billion yuan per year [4][6]. Group 2: Eligibility and Restrictions - Eligible enterprises include those registered in Guangdong under the "C Manufacturing" category and recognized high-tech enterprises according to relevant policies [4][7]. - The funds cannot be used for debt repayment, purchasing land, or non-productive investments, ensuring that the loans are directed towards productive uses such as facility construction and technological upgrades [7][8]. Group 3: Administrative Efficiency - The application process is streamlined, with banks handling the majority of the administrative burden, allowing for quarterly subsidy applications [6][7]. - The policy aims to enhance enterprise confidence and stimulate economic activity by making financial resources more accessible [7][8].

Group 1 - The core objective of the "Implementation Rules" is to support innovation and development of market entities, leveraging fiscal funds to reduce financing costs for manufacturing and high-tech enterprises [1] - The fiscal interest subsidy will be available for eligible manufacturing and high-tech enterprises that obtain bank loans between May 1, 2025, and December 31, 2027 [1] - The maximum annual interest subsidy for a single enterprise is capped at 20 million yuan, with the total loan subsidy not exceeding the total interest paid on the loan during the subsidy year [1] Group 2 - The total scale of interest subsidies from the provincial finance is limited to 200 billion yuan per fiscal year, with a total of 600 billion yuan over three years, and applications will cease once the quota is exhausted [1] - Each loan contract can enjoy interest subsidies for a maximum of one year, and the same loan project cannot receive more than one subsidy within the subsidy year [1]

Core Viewpoint - The implementation of personal consumption loan interest subsidy policies and service industry loan interest subsidy policies aims to reduce credit costs for residents and financing costs for service industry entities, thereby stimulating consumption potential and enhancing market vitality [2][3][9]. Group 1: Policy Implementation - The two subsidy policies target both supply and demand sides to boost consumption, with a focus on supporting service industry entities to expand quality service supply [3][4]. - The policies require coordination among various departments, and specific implementation details should be established quickly to ensure effective execution [4][6]. - The emphasis on simplifying procedures and strict supervision is crucial for maximizing policy effectiveness and ensuring that funds are used efficiently [7][9]. Group 2: Economic Impact - The subsidy policies are designed to alleviate liquidity pressure on service industry enterprises, particularly small and medium-sized enterprises, by providing low-cost funding for equipment upgrades and service enhancements [7][10]. - The focus on service industry rather than manufacturing is a targeted correction of the current economic imbalance characterized by strong production but weak demand [7]. - The policies are expected to enhance the effectiveness of fiscal funds through a leverage effect, thereby addressing the insufficient credit demand in the real economy [7][10]. Group 3: Recommendations for Execution - Financial institutions are encouraged to design tailored loan products for key consumption scenarios, such as vehicle purchases and home appliances, while simplifying the application process [10]. - There is a need for proactive identification of financing needs among small and medium-sized enterprises in the service sector, especially those significantly impacted by the pandemic [10]. - Strengthening risk management and ensuring compliance in fund usage are essential to guarantee that loans are utilized for intended purposes [10].

《方案》明确对江苏省制造业和专精特新企业符合条件的直租项目相关支出给予年化2个百分点贴息。 这也意味着，企业通过融资租赁公司租设备，政府直接补贴年化利率2%的利息。 《方案》还要求，对同时符合"年利率不超过同期贷款市场报价利率（LPR）2倍"以及"年化内部收益率 （IRR）不超过8%"两个要求的租赁业务进行贴息。 "该政策突出了降本增效，可积极引导租赁行业降低利率，缓解承租企业融资贵问题。"江苏省财政厅工 贸处负责人表示，对于能够享受政府补贴的租赁业务，租赁公司收的年利率不能超过同期LPR（贷款市 场报价利率）的2倍，比如LPR是3.5%，最高只能收7%，内部收益率（IRR）不超过8%，这是为了确保 租赁业务的融资成本在合理范围内，避免过高的利息负担给企业带来过大压力。 7月16日，证券时报记者从江苏省财政厅获悉，为进一步推动制造业大规模设备更新，江苏省财政厅于 近日出台《江苏省制造业融资租赁财政贴息实施方案（2025年）》（以下简称《方案》），引导融资租 赁行业加力支持制造业企业设备更新和技术改造。 不仅如此，《方案》还明确，同一企业可以同时享受制造业贷款贴息和融资租赁贴息；获得贴息的融资 租赁项目，符合条 ...

Core Viewpoint - Jiangsu Province has introduced a new policy to support large-scale equipment updates in the transportation sector through financial subsidies for financing leasing businesses, aimed at enhancing efficiency and reducing costs in transportation logistics [1][2]. Group 1: Policy Overview - The "Transportation Rental" financial subsidy implementation plan aims to leverage fiscal funds to encourage the financing leasing industry to support the real economy [1]. - The policy expands the coverage of previous initiatives, specifically targeting financing leasing for equipment purchases, which is common among enterprises and individual businesses [2]. - The selected pilot institutions for this initiative include Jiangsu Financial Leasing Co., Ltd., Su Yin Financial Leasing Co., Ltd., and Suzhou Financial Leasing Co., Ltd., which will receive a subsidy of 1.5 percentage points on interest expenses for direct financing leasing business from January 1, 2025, to December 31, 2026 [2]. Group 2: Financing Benefits - The "Transportation Rental" program provides an important financing alternative to traditional bank loans, particularly beneficial for capital-intensive transportation projects with long investment recovery periods [4]. - This financing method allows enterprises to avoid large upfront capital expenditures, freeing up liquidity for core business operations [4]. - Operating leases can achieve "off-balance-sheet financing," improving the asset-liability ratio of companies and smoothing financial cost expenditures [4]. Group 3: Implementation Features - The implementation plan features broad policy coverage, including transportation vehicles and related facilities, available to registered enterprises and individual businesses in Jiangsu [5]. - The application process is streamlined through the "Jiangsu Transportation Cloud" app, allowing eligible projects to be easily submitted and approved [5]. - The maximum annual provincial subsidy for a single project is capped at 10 million yuan, with a total limit of 20 million yuan for multiple projects from the same entity [6].

Core Viewpoint - The article emphasizes the importance of boosting consumption to stabilize economic growth, highlighting the need for policies that enhance both consumption capacity and willingness [10][19]. Group 1: Factors Influencing Consumption - Consumption is influenced by two main factors: consumption capacity and consumption willingness. Consumption capacity is primarily affected by income, assets, and debt, while consumption willingness is influenced by economic expectations, social security systems, and available time for consumption [7][10]. - The current debt pressure on residents is significant, with the ratio of debt repayment to disposable income at 12.4% in Q3 2024, higher than in some developed economies [7]. Group 2: Policy Initiatives - The "Special Action Plan to Boost Consumption" outlines a comprehensive approach to enhance consumption through income increases, reduced burdens, high-quality supply, and improved consumption environments, with 30 key tasks across eight areas [10][19]. - The government plans to increase public consumption significantly, as a 1% increase in public consumption can lead to a 0.4% rise in private consumption over the long term [13][19]. Group 3: Targeted Support for Specific Groups - The plan focuses on increasing income for low- and middle-income groups, with measures including employment support and minimum wage adjustments [11][20]. - There is a specific emphasis on providing living allowances for recent graduates who have not yet found employment, recognizing their high marginal propensity to consume [21]. Group 4: Consumption Trends and Projections - In 2024, the growth rate of social retail sales is projected to be only 3.5%, with expectations to increase to over 5% due to enhanced fiscal spending [3][19]. - China's final consumption expenditure accounted for 55.6% of GDP in 2023, which is significantly lower than the global average, indicating substantial room for growth [6][19]. Group 5: Financial Support Mechanisms - The plan introduces fiscal subsidies for personal consumption loans, marking a shift in focus from corporate to individual support, which could stimulate consumer spending [16][22]. - The government aims to balance "old-for-new" policies with cash subsidies for specific groups to ensure equitable access to consumption incentives [19][20].