"两贴息"政策的有效落实，不仅倚重12日发布的两个实施方案，更需营造有利于政策有效落实的实施 场景，配套相关细则，最大化拓展政策在经济社会的可能性边界。 当前最为突出的是消费意愿和能力问题，即能消费和敢消费。13日央行发布的7月金融数据中，新增 信贷为负值，创有统计以来的最低值。其中，居民贷款方面，7月住户贷款减少4893亿元，同比多减 2793亿元，短期贷款减少3827亿元，同比多减1671亿元，中长期贷款减少1100亿元，同比多减 1200亿元。 显然，居民消费意愿和能力，目前都存在一定压力。居民不愿举债消费，主要缘于两个层面：一是对 未来存在不安感。如随着AI技术的推进，担忧现有工种将来是否还存在；近年来单位GDP增长提供 的就业岗位呈边际收敛，也增加了人们的就业焦虑和收入焦虑。 2025.08. 15 本文字数：1643，阅读时长大约3分钟 作者 | 一财评论员 惠民生、促消费再添"国补"新工具。 12日，四部门发布《个人消费贷款财政贴息政策实施方案》和《服务业经营主体贷款贴息政策实施 方案》。消费是经济增长的重要引擎。"两贴息"政策作为中央层面首次实施的新"国补"措施，反映决 策层正在通过强化财政和 ...

Group 1 - The core viewpoint of the article emphasizes the introduction of new fiscal subsidy tools to stimulate consumption and economic growth, reflecting a strategic shift in China's development model [1] - The "two interest subsidy" policies are the first of their kind at the central level, aiming to enhance the multiplier effect of public financial resources and explore the boundaries of economic development [1][4] - The effective implementation of these policies requires creating a favorable environment and supporting details to maximize their potential impact on the economy and society [1] Group 2 - Current financial data indicates a significant decline in consumer willingness and ability to spend, with a notable drop in household loans and overall credit [2] - The reluctance to borrow for consumption stems from concerns about future job security and economic stability, leading to increased precautionary savings among households [2] - The article suggests that without addressing the underlying issues of income growth and consumer confidence, the "two interest subsidy" policies may face challenges in generating effective demand, particularly in the service sector [2][3] Group 3 - To ensure the success of the new subsidy policies, it is essential to create an environment that promotes income growth and a fair employment market, moving away from investment-driven models [3] - Enhancing social security and protective systems is crucial for alleviating residents' concerns about future uncertainties, which in turn can stimulate consumption and economic circulation [3][4] - The article concludes that leveraging consumption as a credit tool requires addressing both market access and social welfare to transform consumer aspirations into actual spending [4]

要让政策真正有效落地，需营造增加市场需求弹性的消费场景。 惠民生、促消费再添"国补"新工具。 12日，四部门发布《个人消费贷款财政贴息政策实施方案》和《服务业经营主体贷款贴息政策实施方 案》。消费是经济增长的重要引擎。"两贴息"政策作为中央层面首次实施的新"国补"措施，反映决策层 正在通过强化财政和金融联动，推进消费增长的战略布局，坚定中国发展模式转型的信心，是经济补短 板和强化发展自主可控逻辑的重要举措。 决策层用不断进取的实际行动，探索最大化公共财政资金的乘数效应。为此，"两贴息"政策推进的意义 并不完全在于市场实效，也在于政策积极有为的试错本身，为探寻经济的发展边界提供更多努力。 7月金融数据还显示，实体信贷需求不足，票据冲量正在撑起新增信贷，企业新增贷款同比少增，尤其 是中长期贷款减少2600亿元，同比多减3900亿元等。这些数据其实是市场主体微观动机的汇聚。 二是损失规避效应引发的居民避险行为。数据显示，前七个月住户存款增加9.66万亿元，新增存款同比 增速高于GDP增速，这反映居民正在将更多可支配收入以预防性储蓄形式应对未来的不确定性。 "两贴息"政策的有效落实，不仅倚重12日发布的两个实施方案， ...