扩大产品供给 围绕金融促消费，丰富消费金融产品和服务，增强消费金融服务的适配性和便利度是此次《方案》的亮 点之一。 近日，《关于增强消费品供需适配性进一步促进消费的实施方案》(以下简称《方案》)提出，强化财政 金融支持。丰富消费金融产品和服务，增强消费金融服务的适配性和便利度。消费金融的快速发展与消 费市场需求高度契合。通过提供灵活多样的金融产品，消费金融有效降低了消费者的购买门槛，使更多 优质产品能够触达目标消费群体。 政策接续发力 消费金融作为连接消费需求与金融供给的关键纽带，是激发消费活力、有效提振内需的重要力量。 苏商银行特约研究员薛洪言认为，首先，消费金融能够降低消费门槛，将潜在需求转化为实际购买力， 帮助更多消费者获取优质产品与服务。其次，通过灵活的分期和信贷方式，消费金融释放了消费潜力， 使消费者得以提前提升生活品质。最后，消费金融促进了供需适配，作为连接生产与消费的桥梁，消费 金融助力实现以消费升级引领产业升级的政策目标。总的来看，消费金融已超越传统借贷功能，成为推 动供需对接、激活内需的重要金融力量。 今年以来，金融管理部门多次召开金融机构座谈会，引导金融机构充分满足实体经济有效信贷需求，尤 ...

Core Insights - The report from the central bank indicates a steady growth in loans to enterprises and institutions, with significant support for inclusive small and micro loans, green loans, and loans for technology innovation enterprises [1][2] Loan Growth and Structure - As of the end of Q3 2025, the balance of domestic and foreign currency loans to enterprises and institutions reached 184.3 trillion yuan, reflecting a year-on-year growth of 8.2%, with an increase of 13.33 trillion yuan in the first three quarters [2] - Industrial medium and long-term loans showed robust growth, with a balance of 26.59 trillion yuan at the end of Q3 2025, marking a year-on-year increase of 9.7%, which is 3.2 percentage points higher than the overall loan growth rate [2] - Inclusive small and micro loans grew rapidly, reaching a balance of 36.09 trillion yuan by the end of Q3 2025, with a year-on-year growth of 12.2%, outpacing overall loan growth by 5.6 percentage points [2] - Green loans also experienced significant growth, with a balance of 43.51 trillion yuan, up 17.5% from the beginning of the year [2] Support for Technology Enterprises - By the end of Q3 2025, 27.54 million technology-based small and medium-sized enterprises received loans, with a loan acquisition rate of 50.3%, an increase of 2.8 percentage points from the previous year [2][3] - The balance of loans to technology-based small and medium-sized enterprises reached 3.56 trillion yuan, reflecting a year-on-year growth of 22.3%, significantly higher than the overall loan growth [2] - High-tech enterprises also saw support, with 26.66 million receiving loans and a loan acquisition rate of 57.6%, up 0.8 percentage points year-on-year [3] Household Consumption Loans - The balance of household loans reached 83.94 trillion yuan by the end of Q3 2025, with a year-on-year growth of 2.3%, and an increase of 1.1 trillion yuan in the first three quarters [4] - Operating loans amounted to 25.21 trillion yuan, growing by 4.8% year-on-year, while consumption loans (excluding personal housing loans) reached 21.29 trillion yuan, with a year-on-year growth of 4.2% [4] - The implementation of interest subsidy policies in September improved household loan growth, particularly in personal consumption loans, driven by seasonal sales and adjustments in housing purchase policies in major cities [4] Future Outlook - The focus on boosting consumption remains a key economic development task, with financial products expected to enhance consumer spending [5] - Personal consumption loans are anticipated to have significant growth potential compared to housing loans, becoming a crucial support for retail credit [5] - The expansion of consumption finance scenarios is deemed essential for financial institutions, emphasizing the need for a digital-first approach to enhance user experience and reduce costs [6]