来源：中国金融信息网 云祉婷，自然资源保护协会气候金融项目主管 2025年2月财政部发布《中华人民共和国绿色主权债券框架》（以下简称绿色主权债券框架），并于同 年4月在伦敦发行首笔人民币绿色主权债券。这一举措既是绿色金融体系深化的阶段性成果，也是财政 金融协同发力的制度创新。如何评估其在全球绿色金融格局中的意义？能否成为绿色债券的国际定价基 准与国内市场标杆？这些问题不仅是本文研究的起点，也构成学术探讨的关键线索。 一、全球绿色主权债券的兴起与经验 自2016年波兰首笔绿色主权债券问世以来，主权政府逐步成为全球绿色债券市场的重要发行主体。法 国、德国、英国等通过持续发行绿色主权债券，已形成覆盖短、中、长期的绿色收益率曲线。尤其是德 国"孪生债券"的设计，直接验证了绿色溢价（Greenium）的存在，表明资本市场愿意为可持续属性支付 额外成本。这一现象体现了投资者偏好与政策导向之间的互动，为绿色金融市场的定价提供了新依据， 也为增强绿色债券的流动性提供了新思路。 同时，绿色主权债券因其严格的监测、报告和认证要求，成为市场透明度与信息披露的标杆。法国设立 独立评估委员会，定期发布环境效益评估报告；德国、英国等亦要 ...

谈及科技创新和技术改造再贷款，杨虹表示，2024年4月，人民银行设立5000亿元科技创新和技术改造 再贷款，激励引导银行加大对重点领域设备更新项目的信贷支持，今年扩大规模至8000亿元，符合条件 的服务消费领域设备更新项目也可以享受政策优惠。今年上半年，科技创新和技术改造再贷款支持住宿 餐饮、文体教育、旅游领域等项目近100项，签订贷款合同约119亿元。 在消费领域信贷投放方面，杨虹介绍，今年以来，人民银行出台多项政策，指导金融机构完善内部业务 流程，创新支持消费的产品和服务，聚焦食、住、行、游、购、娱等重点消费领域，从供需两端特别是 从供给端发力，扩大高质量信贷供给，加大对消费行业经营主体的首贷、续贷、信用贷、中长期贷款支 持力度，强化金融支持提振和扩大消费的促进作用。截至7月末，全国服务消费重点领域贷款余额2.79 万亿元，同比增长5.3%，比年初新增1642亿元，前7个月的新增贷款比去年全年新增贷款还要多630亿 元。 信贷产品与服务创新同步推进。央行指导金融机构聚焦"食、住、行、游、购、娱"等重点消费领域，从 供需两端发力完善业务流程，加大对消费行业经营主体首贷、续贷、信用贷及中长期贷款支持。 服务消 ...

信贷产品与服务创新同步推进。央行指导金融机构聚焦"食、住、行、游、购、娱"等重点消费领域，从 供需两端发力完善业务流程，加大对消费行业经营主体首贷、续贷、信用贷及中长期贷款支持。 9月17日，在国新办新闻发布会上，中国人民银行信贷市场司负责人杨虹表示，截至目前，金融机构申 报服务消费与养老再贷款近600亿元，涉及经营主体近4000家、贷款5700多笔。 今年以来，中国人民银行联合商务部、财政部等多部门密集出台并落地一系列金融支持政策，从工具创 新、信贷投放、政策协同、渠道拓宽等多维度发力，为服务消费市场注入强劲动能。日前，商务部等9 部门联合印发相关政策措施，进一步强化财政金融协同，推动服务消费高质量发展。 服务消费与养老再贷款申报近600亿元 今年以来，人民银行出台多项政策支持提振和扩大服务消费，5月份，人民银行专门设立5000亿元服务 消费与养老再贷款，引导金融机构加大对住宿、餐饮、文体娱乐、教育、居民服务、旅游等服务消费重 点领域和养老产业的信贷投放。 杨虹17日在国新办新闻发布会上表示，截至7月末，不含个人住房贷款的全国住户消费贷款余额21.04万 亿元，比年初新增346亿元，同比增长5.34%。 截 ...

2025.09. 17 本文字数：2152，阅读时长大约4分钟 作者 | 第一财经 杜川 封图 | AI生成 9月17日，在国新办新闻发布会上，中国人民银行信贷市场司负责人杨虹表示，截至目前，金融机构申报服务消费与养老再贷款近600亿元，涉及经营 主体近4000家、贷款5700多笔。 财政金融联动激发服务消费活力 服务消费与养老再贷款申报近600亿元 今年以来，人民银行出台多项政策支持提振和扩大服务消费，5月份，人民银行专门设立5000亿元服务消费与养老再贷款，引导金融机构加大对住宿、 餐饮、文体娱乐、教育、居民服务、旅游等服务消费重点领域和养老产业的信贷投放。 杨虹17日在国新办新闻发布会上表示，截至7月末，不含个人住房贷款的全国住户消费贷款余额21.04万亿元，比年初新增346亿元，同比增长 5.34%。 截至目前，金融机构申报服务消费与养老再贷款近600亿元，涉及经营主体近4000家、贷款5700多笔。 谈及科技创新和技术改造再贷款，杨虹表示，2024年4月，人民银行设立5000亿元科技创新和技术改造再贷款，激励引导银行加大对重点领域设备更 新项目的信贷支持，今年扩大规模至8000亿元，符合条件的服务消 ...

Core Insights - The People's Bank of China (PBOC) has implemented various financial support policies to boost service consumption and the elderly care sector, with nearly 600 billion yuan in loans reported by financial institutions as of now [1][2][3] Group 1: Financial Support Policies - As of the end of July, the balance of household consumption loans, excluding personal housing loans, reached 21.04 trillion yuan, with an increase of 346 billion yuan since the beginning of the year, reflecting a year-on-year growth of 5.34% [2][3] - The PBOC has established a 500 billion yuan service consumption and elderly care re-lending program to encourage financial institutions to increase credit in key service sectors such as accommodation, catering, and tourism [2][3] - A joint policy issued by nine departments, including the Ministry of Commerce, aims to enhance financial and fiscal collaboration to promote high-quality development in service consumption [1][5] Group 2: Credit Innovation and Support - The PBOC is guiding financial institutions to innovate credit products and services, focusing on key consumption areas such as food, housing, travel, and entertainment, to enhance credit supply [4][5] - From January to July, financial institutions issued 215 billion yuan in financial bonds and 484 billion yuan in asset-backed securities, which helps to activate credit supply and reduce financing costs [4][5] - The balance of loans in key service consumption sectors reached 2.79 trillion yuan by the end of July, with a year-on-year increase of 5.3% and a net increase of 1,642 billion yuan since the beginning of the year [3][4] Group 3: Fiscal and Financial Coordination - Recent measures include multi-dimensional funding support for service consumption, focusing on sectors like culture, tourism, and elderly care, to stimulate market vitality [5][6] - The government aims to lower credit costs through a dual interest subsidy policy, which could potentially lead to 1 trillion yuan in loans directed towards consumption [6] - The PBOC plans to work with various departments to ensure that policies effectively reach service consumption entities and consumers, enhancing public satisfaction [7]

Group 1 - The core viewpoint of the news is the implementation of two subsidy policies starting in September, aimed at boosting consumer loans and loans for service industry entities, thereby stimulating consumption and releasing new growth momentum [1][6][8] Group 2 - The personal consumption loan subsidy policy allows consumers to save on interest, with a 1% subsidy applicable to loans processed through 23 banks and consumer finance companies from September 1, 2025, to August 31, 2026 [2][4] - The subsidy covers various consumption categories, including daily expenses under 50,000 yuan and larger purchases like home appliances, cars, and healthcare, effectively reducing the interest rate to about one-third of current levels [2][4] - The service industry loan subsidy policy, effective from March 16, 2025, to the end of that year, targets eight key sectors, providing a 1% subsidy for loans up to 1 million yuan for one year [4][5] Group 3 - The implementation of these policies has led to a significant increase in loan applications, with one bank reporting a 70% increase in consumption loan applications compared to the previous month [3] - The policies are expected to enhance the supply capacity of quality services, addressing the current gap in high-quality service offerings in the market [4][8] Group 4 - The combination of these subsidy policies with existing consumer incentives, such as trade-in subsidies for new products, is anticipated to create a synergistic effect, enhancing overall consumer demand and service supply [7][8] - The financial and fiscal collaboration aims to leverage public funds to stimulate more credit towards consumer sectors, thereby promoting economic circulation [7][8]

政策发布后，银行迅速响应，纷纷发布相关安排，还普遍简化了申请贴息的流程。 中国银行四川省分行消费金融业务负责人张叶介绍，政策实施以来，各网点接待不少前来咨询政策的客 户，该行消费贷款申请量较上月同期增长约七成，政策对消费需求的拉动作用逐步显现。 "借款人在手机银行申请贴息时，我行系统能自动判断是否符合条件，并在收息时直接扣减。"农业银行 济南分行个人信贷部经理辛振国告诉记者，9月1日至10日，该行已审批通过线上个人消费贷款申请230 多笔，合同金额超4400万元。 贴息推动提升优质服务供给能力 此次"国补"促消费，一端补的是消费者，另一端补的是经营者。 9月起，两项贴息政策加速落地，通过对个人消费贷款和服务业经营主体贷款进行补贴，直接惠及广大 居民和经营主体，激活消费"主引擎"，释放增长新动能。 消费贷贴息助消费者"省钱又省心" 近日，山东济南的石先生用贷款换了一套新家具，真真切切地享受到了政策红利。 "一直打算更换家里的老旧家具，没想到赶上好政策，省下了2000元的贷款利息。"石先生告诉记者，通 过中国农业银行的手机银行申请贷款后，他几分钟内便完成了贷款审批和贴息协议签署，银行系统自动 识别出交易为家居家装 ...

Core Viewpoint - The implementation of two interest subsidy policies starting in September aims to stimulate consumer spending and enhance economic growth by providing financial support for personal consumption loans and loans to service industry operators [1][6]. Consumer Side - The personal consumption loan interest subsidy policy allows consumers to save on interest payments, as demonstrated by a case where a consumer saved 2,000 yuan on a 200,000 yuan loan for new furniture [2]. - The subsidy applies to personal consumption loans processed by 23 banks and consumer finance companies from September 1, 2025, to August 31, 2026, covering various categories including home appliances, automobiles, and healthcare, with a subsidy rate of 1 percentage point [2]. - Following the policy announcement, banks have reported a significant increase in loan applications, with one bank seeing a 70% increase in consumption loan applications compared to the previous month [3]. Supply Side - The subsidy policy also supports service industry operators, with a specific focus on sectors such as hospitality, healthcare, and tourism, allowing them to save on interest expenses [4]. - The service industry loan interest subsidy policy will be in effect from March 16, 2025, to the end of that year, with a similar subsidy rate of 1 percentage point and a maximum loan amount of 1 million yuan per entity [4]. - Financial institutions have already provided substantial loan support to service operators, with one bank reporting over 200 million yuan in loans to more than 300 operators, resulting in estimated interest savings of over 2 million yuan [5]. Financial and Fiscal Coordination - The combination of interest subsidy policies and other financial incentives is expected to create a synergistic effect, enhancing consumer demand and service supply while promoting economic circulation [7][8]. - The policies are part of a broader strategy involving 5 trillion yuan in special bonds and various financial measures aimed at boosting consumption and supporting economic growth [8].

9月起，两项贴息政策加速落地，通过对个人消费贷款和服务业经营主体贷款进行补贴，直接惠及 广大居民和经营主体，激活消费"主引擎"，释放增长新动能。 消费端：消费贷贴息助消费者"省钱又省心" 近日，山东济南的石先生贷款20万元换了一套新家具，真真切切地享受到了政策红利。 "一直打算更换家里的老旧家具，没想到赶上好政策，省下了2000元的贷款利息。"石先生告诉记 者，通过中国农业银行的手机银行申请贷款后，他几分钟内便完成了贷款审批和贴息协议签署，银行系 统自动识别出交易为家居家装消费场景，财政贴息几乎"无感"兑现。 帮石先生"省钱又省心"的政策，正是9月起正式实施的《个人消费贷款财政贴息政策实施方案》。 根据方案安排，2025年9月1日至2026年8月31日期间，通过23家银行和消费金融公司办理的个人消 费贷款（不含信用卡业务），可按规定享受财政贴息。贴息范围包括单笔5万元以下日常消费，以及单 笔5万元及以上的家用汽车、养老生育、教育培训、文化旅游、家居家装、电子产品和健康医疗等重点 领域消费。贴息比例为1个百分点，大体为当前商业银行个人消费贷款利率水平的三分之一。 政策发布后，银行迅速响应，纷纷发布相关安排，还普 ...

Core Viewpoint - The implementation of personal consumption loan interest subsidy policies aims to stimulate consumer spending and enhance domestic demand through financial and fiscal collaboration [1][3]. Group 1: Policy Details - The personal consumption loan interest subsidy policy will be effective from September 1, 2025, to August 31, 2026, allowing residents to receive a subsidy of 1% per year on eligible personal consumption loans, with a maximum subsidy not exceeding 50% of the loan contract interest rate [3][5]. - Each borrower can receive a total interest subsidy of up to 3,000 yuan, corresponding to eligible cumulative consumption of 300,000 yuan during the policy execution period [7]. Group 2: Impact on Financial Institutions - Major banks, including Agricultural Bank of China, Bank of China, and China Construction Bank, have committed to implementing the interest subsidy for qualifying personal consumption loans starting September 1, 2025, without charging any service fees [9]. - The policies are expected to lower the cost of consumer credit for residents and reduce financing costs for service industry operators, thereby encouraging sustained production and operations [5][9]. Group 3: Expert Insights - Experts suggest that the synergy between monetary and fiscal policies can be further enhanced, and the interest subsidy policies can be coordinated with existing initiatives like the "national subsidy" for replacing consumer goods and service consumption loans to maximize their effectiveness in boosting consumption [9].