Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration have announced an extension of the personal consumption loan interest subsidy policy until the end of 2026, aiming to boost consumer spending and reduce credit costs for residents [1][3]. Group 1: Policy Implementation - The implementation period for the personal consumption loan interest subsidy policy is adjusted to be from September 1, 2025, to December 31, 2026 [3][4]. - Residents can enjoy interest subsidies for eligible consumption during this period, with a review of the policy's effectiveness planned for potential further extensions after the expiration [3][4]. Group 2: Support for Consumption - The policy encourages innovation in consumer finance, promoting collaboration between financial institutions and retail platforms to enhance the reach of the subsidy [3][4]. - The scope of the subsidy is expanded to include credit card installment payments, with an annual interest subsidy rate of 1% [4]. Group 3: Subsidy Standards and Coverage - The previous limits on the maximum subsidy amount per transaction and per borrower have been removed, while maintaining an annual cap of 3,000 yuan for each borrower at a single financial institution [4][5]. - The policy will now include a wider range of financial institutions, such as city commercial banks and foreign banks, to increase the coverage of the subsidy [4][5]. Group 4: Financial Management and Oversight - The subsidy funding will be allocated using a "pre-allocation + settlement" method, with provincial financial departments responsible for verifying and reporting funding needs [5][6]. - There will be enhanced collaboration among the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration to monitor the implementation and compliance of the policy [6][7]. Group 5: Reporting and Compliance - Financial institutions are required to establish reporting systems to submit monthly updates on loan issuance and subsidy amounts to the relevant authorities [7]. - The new policy will take effect on January 1, 2026, superseding any conflicting regulations from previous documents [7].

Core Insights - Heilongjiang Province has implemented a special action to boost consumption, organizing over 1,400 promotional activities and distributing government consumption vouchers exceeding 600 million yuan, which has directly stimulated consumption by over 12 billion yuan [1] Economic Performance - From January to August, the total retail sales of consumer goods in Heilongjiang Province reached 354.04 billion yuan, representing a year-on-year growth of 5.2%, which is 0.6 percentage points higher than the national average [1] - The growth in specific categories driven by favorable policies includes: - Automotive products: 6.6% year-on-year increase - Communication equipment: 65.3% year-on-year increase - Household appliances: 67.1% year-on-year increase [1]