Core Viewpoint - The People's Bank of China is researching a one-time personal credit relief policy aimed at individuals who have defaulted on loans below a certain amount since the pandemic but have since repaid them. This policy reflects the government's concern for people's livelihoods and demonstrates precise governance during a critical economic recovery period [3][5]. Group 1: Policy Details - The new credit relief policy will prevent the display of default records in the credit system for individuals who meet the criteria, which is expected to be implemented early next year after necessary preparations [3][5]. - This initiative is designed to alleviate the impact of credit "stains" on individuals who have repaid their debts, which can severely affect their employment, housing, and future loan applications [3][5]. Group 2: Economic Implications - The policy aims to stimulate consumer spending by removing barriers for a large group of individuals with credit issues, thereby unlocking suppressed consumption demand, which is crucial for expanding domestic demand and strengthening the domestic economy [5][6]. - The relief measure is seen as a practical and effective way to boost consumer confidence and spending, contributing to economic recovery and transformation [5][6]. Group 3: Governance and Strategic Alignment - The policy reflects a historical approach to governance that prioritizes the welfare of the people, aligning with the Party's commitment to serving the public [4][5]. - It exemplifies the need for flexible and responsive policy-making in the face of complex economic challenges, as emphasized by the recent Party Congress [6].