2025年8月12日，《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》同时公布。 这两项贴息政策由中央财政直接发力支持，被业内称作金融"国补"，与当前正在推进的以旧换新专 项"国补"形成联动。 两项贴息方案发布后，农行、工行、中行、建行、邮储、交行六大国有大行迅速响应，明确将按市场 化、法治化原则落实贴息。 8月13日，在国务院新闻办公室举行的新闻发布会上，财政部副部长廖岷表示，与以往直接财政补贴相 比，两项贴息政策的特点是和金融政策协同发力，来发挥公共资金的引导作用，撬动更多金融活水流向 真正的消费领域，以激发消费潜力，提升市场的活力。 值得关注的是，此次贴息为中央财政首次对个人消费贷款进行贴息。 东方金诚金融业务部高级副总监李倩表示，对消费者而言，直接利好体现在借贷成本的大幅下降：年贴 息1个百分点，优质客户实际借贷利率可低至2%左右，显著减轻消费者的借贷压力。对银行而言，影响 出现分化：全国性经办机构受益显著，贴息刺激消费贷需求，规模扩张可对冲净息差压缩的影响，而地 方中小银行被排除在国补外，可能面临客户分流的情况。李倩认为，消费贷贴息政策对消费者和银行影 响显著，落地执行 ...

财政扛旗，金融协同，双轮驱动激活消费 金融国补简单说就是国家财政掏钱补贴贷款利息，让老百姓借钱消费更便宜，让服务业小老板借钱经营 压力更小。这并非孤立政策，而是2025年《提振消费专项行动方案》的延续，其核心逻辑是："需求端 +供给端"双向发力。 从需求端看，更多是面向个人消费者，主要的适用场景为买车（含新能源）、买家电、购置家具、文旅 消费等线下大额支出。补贴力度包括财政直接贴息1-2个百分点，目标让实际利率降至3%以下，单户累 计最高省1万元。 从供给端看，适用对象更多是餐饮、零售、文旅、家政、养老五大行业的小微企业和个体户，可以按贷 款期限享1-2个百分点贴息，融资成本最低可压至3%左右，额度支持也提升到了单户贷款额度上限500 万元，目的是鼓励小店"敢扩张、大胆经营"。 政策有效期明确至2026年6月30日，但业内普遍判断，热门行业的贴息额度可能提前耗尽。一位银行从 业者坦言，"贴息政策不是永久的，时间有限，一开始银行为了完成指标，都会偏放水模式，指标完成 后口子就会陆续关起来。" 来源：钛媒体 7月31日召开的国务院常务会议，部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策。会 议指出，对个 ...

Core Insights - The four major banks in China are rapidly implementing a personal consumption loan and service industry loan interest subsidy policy in response to the State Council's directives, marking a shift from direct financial support to a mechanism-driven approach for sustainable economic growth [1][2] Group 1: Policy Mechanism - The interest subsidy policy creates a "leverage transmission" mechanism, where fiscal funds do not directly enter personal or corporate accounts but instead lower loan interest rates, encouraging bank credit to flow into consumption and service sectors [1][2] - For consumers, the subsidy effectively acts as a "disguised salary increase," reducing the cost of large purchases by saving 2,000 yuan in interest on a 100,000 yuan loan annually [1] - For small service industry businesses, the reduced financing costs allow for reinvestment in equipment upgrades and employee training, enhancing supply quality [1] Group 2: Economic Impact - The policy addresses two major economic pain points: consumers are hesitant to spend due to rigid expenses and weak income expectations, while small service enterprises face long-standing financing challenges [2] - The dual empowerment from the policy is reshaping economic circulation logic, where improved supply quality through loans can lead to increased consumer spending, creating a positive cycle of "consumption upgrade - supply optimization - re-consumption" [2] Group 3: Banking Sector Transformation - The rapid response from the four major banks is driven by the dual benefits of the subsidy model, attracting quality clients and expanding credit scale while enhancing their inclusive finance brand image [2] - This "policy guidance + market-driven" model contrasts with previous inefficient government subsidies, providing a more sustainable commercial motivation for policy execution [2] Group 4: Long-term Outlook - The financial "national subsidy" serves as a macro tool "stress test," balancing stable growth and risk prevention through interest rate caps and regulatory measures to ensure effective use of fiscal funds [3] - The transformation of the subsidy from a temporary measure to a regular tool for economic adjustment indicates a shift towards a healthier and more resilient economic ecosystem [3]

Core Viewpoint - The recent policy initiatives by major banks in response to the government's consumer loan and service industry loan interest subsidy policy aim to stimulate consumption and support the service sector, thereby injecting new momentum into the economy's internal circulation [1][3][7]. Group 1: Policy Implementation - Major banks, including Industrial and Agricultural Banks, have announced their commitment to implement the consumer loan and service industry loan interest subsidy policies, focusing on market-oriented and legal principles to streamline processes and enhance efficiency [3][4]. - The State Council's meeting on July 31 emphasized the need for inter-departmental collaboration to simplify procedures and ensure effective implementation of the subsidy policies, aiming to lower credit costs for residents and financing costs for service industry entities [3][6]. Group 2: Market Impact - The subsidy policy is expected to address structural issues in the consumption market, particularly the weak growth in non-essential goods due to low income expectations, while maintaining steady performance in essential and cost-effective consumption [6][7]. - The policy is designed to alleviate cash flow pressures on small and medium-sized service enterprises by reducing financing costs, thereby supporting operational investments and upgrades in sectors like tourism and elderly care [7][8]. Group 3: Long-term Effects - In the short term, the subsidy policy, combined with existing trade-in programs, is anticipated to boost sales in durable goods such as automobiles and home appliances, as well as stimulate service consumption in sectors closely related to daily life [8]. - In the long term, the policy aims to create a positive feedback loop by enhancing effective supply and releasing consumer demand, which could lead to increased investment and job creation, ultimately strengthening consumer purchasing power and supporting sustainable economic growth [8].