Chinese policymakers launched two temporary interest subsidy programs for household consumer loans and loans to targeted services businesses. Households and services business entities will receive a fiscal subsidy of 1pp for their interest payments of eligible loans. We estimate these two programs will likely require up to RMB80bn fiscal funding for the subsequent 12 months, which should have already been incorporated in the 2025 budget and therefore does not increase the total amount of easing we assume in ...