文：曹多鱼 就有朋友还在问我，最近铺天盖地出了刺激消费政策， 的审批越来越简单了，但他不理解，为什么现在刺激消费不直接发钱呢？ 消费贷 怎么说呢？ 因为大家要记住一件事： 我们刺激消费的初衷，不是真的希望老百姓去买买买，而是希望老百姓花出去的钱，能够刺激经济，带动经济增长，而最好的情况则是老百姓花出去的钱， 要能被财政回收。 于是这里就有了一个税的问题： 简单解释一下，我国目前第一大税种是增值税，而增值税是针对生产端的货物销售增值额的征税， 间接税从税收分类来看，增值税就是标准的，而间接税 的特点，就是和消费没什么关系，所以它只能从生产和流通环节征收。 而正是这种从生产和流通环节征税的税务逻辑，就会使得地方政府在做决策的时候，更倾向于投资生产，而非推动消费。 而在这个框架下，消费贷和消费补贴是顺税收逻辑，而增加收入这个问题，跟现有的税收逻辑是对立的。 于是政策设计层刺激消费的时候，是有计划的。 没错，你没听错，咱这的消费被计划的。 老百姓最想要的消费，是随心所欲的，突出一个我想买啥就买啥，我缺什么我买什么，但你实际去看这种消费，都不怎么被鼓励的。 举个例子，如果你要消费奢侈品，我们完全不鼓励，因为奢侈品大多不 ...

（央视财经《第一时间》）日前，"冰雪去嗨节"活动在辽宁沈阳启动。该活动联动七个冰雪资源城市，通过跨区域金融协同与惠民举措，助力冰雪"冷资 源"变身消费"热经济"。 活动构建了覆盖北京、哈尔滨、呼和浩特、沈阳、石家庄、长春、乌鲁木齐七座城市的服务网络，致力于实现"一地一特色、全域全覆盖"的冰雪消费新体 验。 依托跨区域的金融服务协同，本次"冰雪去嗨节"不仅推出了覆盖冰雪旅游全链条的消费优惠，更将金融"活水"精准滴灌至产业链上下游。 中国光大银行副行长 齐晔：一方面我们为产业当中的小微企业提供信贷服务支持，助力他们发展；对消费者，我们把机票预订、酒店住宿、雪场门票、冰 雪装备采购、自驾出行等一系列场景纳入优惠范畴，提供更大力度的消费补贴、专属折扣以及分期免息。 转载请注明央视财经 编辑：潘煦 辽宁沈阳市人民政府副市长 刘克斌：这么近，那么美，逛完河北，来东北，赴内蒙古，新疆会，一路向北心陶醉，会师北京，福润祥瑞。 ...

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, potentially creating a new consumption market worth trillions by 2027 through structural reforms and financial support [1] Group 1: Policy and Financial Support - The plan emphasizes the need for stronger fiscal and financial support to stimulate domestic demand, including the introduction of diverse consumer finance products [1] - Financial institutions are actively launching initiatives such as interest-free installment payments and discounts to boost consumer spending [2] - The "old for new" policy has significantly contributed to market growth, with sales exceeding 2.4 trillion yuan and benefiting over 360 million people in the first ten months of the year [1][2] Group 2: Consumer Finance Trends - Consumer finance is becoming a crucial driver for retail credit, with policies supporting low-cost funding for consumption loans [4] - The retail sales of major consumer goods like home appliances and automobiles have shown robust growth, with retail sales of home appliances and furniture increasing by approximately 20% year-on-year [5] - Financial tools such as installment services are lowering purchase barriers, enhancing the consumption of large-ticket items [5] Group 3: Regional Initiatives - Local governments are implementing supportive policies to enhance regional consumption quality, as seen in Beijing's plan to boost various consumer sectors [7] - As of Q3 2025, Beijing's consumer loan balance (excluding personal housing loans) reached 808.78 billion yuan, growing by 4.7% year-on-year, indicating a stronger growth rate than the national average [7]

Core Insights - The Shenzhen banking and insurance sectors have maintained stable operations in 2023, focusing on high-quality development and achieving significant growth in various financial metrics [1][2]. Banking Sector Performance - As of the end of October, the total assets of the banking sector in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 4.37% [1] - The total liabilities amounted to 13.97 trillion yuan, with a year-on-year growth of 4.44% [1] - The balance of various loans was 9.91 trillion yuan, reflecting a year-on-year increase of 4.92% [1] - The balance of various deposits reached 10.00 trillion yuan, growing by 4.95% year-on-year [1] Insurance Sector Performance - The insurance industry in Shenzhen achieved original premium income of 191.05 billion yuan in the first ten months, marking a year-on-year increase of 12.20% [1] - This growth rate is the highest among first-tier cities in China [1] Support for Foreign Trade - In the first ten months, new loans issued to foreign trade enterprises by Chinese banks in Shenzhen totaled 763.57 billion yuan, up 9.83% year-on-year [2] - The financing balance for cross-border e-commerce increased by 39.92% year-on-year [2] - Loans to small and micro foreign trade enterprises grew by 20.58% [2] - Export credit insurance provided coverage of 93.69 billion USD to 31,000 foreign trade enterprises, a year-on-year increase of 13.80% [2] Consumer Finance Initiatives - Personal consumption loans in Shenzhen reached 835.29 billion yuan by the end of October, with a year-on-year growth of 4.95% [4] - Loans for service sectors such as accommodation, catering, and entertainment totaled 207.99 billion yuan, reflecting a 2.04% increase year-on-year [4] - The financial sector has implemented various measures to stimulate consumer spending, including issuing cash vouchers and promoting digital currency transactions [4][5] Technological Integration in Finance - Companies like 招联消费金融 have utilized AI and technology to enhance consumer finance services, reaching 340 million registered customers and disbursing over 3.2 trillion yuan in loans [5][6] - The focus on new citizen groups has improved the accessibility and inclusivity of consumer finance services [6]

Core Viewpoint - The article emphasizes the importance of domestic consumption in driving economic growth in China, particularly during the "15th Five-Year Plan" period, highlighting the need for policies to boost consumer spending and enhance residents' consumption capacity [1][2][3]. Group 1: Economic Context - China's final consumption rate has been stable above 50% from 2013 to 2024, with a projected increase from 51.9% in 2013 to 56.6% in 2024 [2]. - The average annual economic growth rate from 2013 to 2024 is 6.1%, with domestic demand contributing 93.1% to this growth, and final consumption accounting for 55% of the economic growth [2]. Group 2: Policy Recommendations - The "15th Five-Year Plan" suggests enhancing consumer capacity through measures such as increasing employment, raising income levels, and improving public service spending [1][3]. - Specific strategies include optimizing the consumption environment, reducing restrictions, and promoting service consumption through innovative scenarios [6][7]. Group 3: Income and Employment - Increasing residents' income is crucial for boosting consumption, with a focus on improving the distribution of national income and enhancing labor remuneration [3][4]. - Addressing structural employment issues and providing better social security for new employment forms are essential for improving consumer confidence [4][8]. Group 4: Consumption Trends - Current consumption rates in China are lower than those in developed countries, with a final consumption rate of around 56%, compared to 81% in the U.S. and 75% in Japan [7]. - The article suggests that achieving a consumption rate increase to over 60% during the "15th Five-Year Plan" will require extraordinary policy measures and a focus on income subsidies for low-income groups [7][8].

Core Viewpoint - The upcoming "Double Festival" during the National Day and Mid-Autumn Festival in 2025 is expected to create an 11-day holiday for some families, highlighting the impact of the newly introduced policies aimed at expanding service consumption [2] Group 1: Policy Impact - The Ministry of Culture and Tourism anticipates a significant surge in tourism and hospitality sectors during the holiday, with predictions of record-breaking domestic travel numbers and revenue [2] - The recently released policies have shown immediate effects, with four main benefits observed during the holiday period [3] Group 2: Benefits of the Policies - **Time Benefit**: The inclusion of "optimizing student holidays" in national consumption expansion policies has led to extended holiday periods, facilitating long-distance and in-depth travel [3] - **Scene Benefit**: Many cultural and tourism venues have extended their operating hours, transforming nighttime economy into a primary focus with various nighttime activities [3] - **Financial Benefit**: Initiatives such as the "Hundred Cities and Hundred Districts" cultural and tourism consumption plan and financial incentives from major banks have been launched to stimulate consumption [3] - **Inbound Benefit**: The expansion of visa-free access aims to boost inbound tourism [4] Group 3: Future Considerations - To sustain the momentum of consumer resilience observed during the holiday, further efforts are needed to convert short-term excitement into long-term growth [4] - Recommendations include institutionalizing flexible holiday arrangements, enhancing service standards in county-level tourism, and promoting high-end consumption through financial incentives [5] - The holiday serves as a reflection of policy implementation speed and effectiveness, as well as a measure of the gap between supply and demand [5]

Core Points - The "Zhenjiang Super Night" event aims to activate the night economy through innovative consumption scenarios and online-offline integration, running from August 15 to September [1] - The event framework consists of "1 main venue, 6 sub-venues, and 8 major segments," focusing on new business models and experiential consumption [1] - The main venue, "Jingji Relaxation Collection," features over 50 food and beverage vendors, creating a vibrant atmosphere for night-time activities [1] Group 1 - Six core commercial complexes, including Suning Plaza and Wanda Plaza, will host large-screen viewing events and various promotional activities centered around "emotional economy" and "night economy" [2] - The event encourages businesses to extend their operating hours and offers incentives such as "overtime discounts" and "energy supply stations" to enhance the consumer experience [2] - The city has previously launched a consumption promotion plan to stimulate the local economy, distributing over 10 million yuan in subsidies through various platforms [2] Group 2 - During the event, nighttime consumption accounted for over 40% of total sales, with a 13% year-on-year increase in dining expenditures [3] - The event attracted over one million spectators through various viewing points, significantly boosting sales in key commercial complexes, which saw an average increase of over 10% year-on-year [3] - The initiative aims to create a collective economic resonance and enhance the night economy in Zhenjiang, inviting citizens to participate in the festivities [3]

Group 1 - The core idea of the articles highlights the successful integration of sports events with local economic activities, particularly in driving consumer spending and enhancing the night economy in Zhenjiang through the "Soochow Super League" matches [1][2] - The city of Zhenjiang organized various activities such as "Soochow Super League Second Venue" and online platforms like "Yuehui Zhenjiang" to convert event traffic into tangible consumer energy, resulting in a more than 12% increase in foot traffic in key shopping complexes and a 10.5% year-on-year increase in revenue for some chain restaurants [1] - The local government collaborated with major online platforms like Meituan, Ele.me, and Douyin to distribute over 10 million yuan in summer consumption subsidies, which significantly boosted online consumer engagement during the event [2] Group 2 - The "Second Venue" initiative included live broadcasts of matches in major shopping centers and popular nightlife areas, creating a vibrant atmosphere for fans and encouraging them to enjoy food and shopping simultaneously [1] - Various shopping complexes launched exclusive benefits and special markets during the matches, with restaurants offering promotional packages that effectively stimulated the summer night economy [1] - The analysis from the local commerce department indicates that events like the "Soochow Super League" are becoming crucial drivers for revitalizing the night economy and boosting related consumption, with plans to further explore the "event+" model to enhance local economic growth [2]

Core Viewpoint - The article highlights the vibrant consumer experience and significant growth in retail sales in the Zhongmu New District, driven by innovative marketing strategies and government support for consumption [3][9]. Group 1: Consumer Experience - The Zhongmu New District has integrated various commercial resources, creating a commercial matrix led by the Shanshan Outlets, which attracts over 120,000 visitors daily [3]. - Events like the "Feitian Kunpeng Bubble Art Week" enhance the shopping experience, combining shopping with family-friendly activities [3][7]. - The district's strategy includes monthly themes and weekly activities to continuously engage consumers and stimulate spending [7]. Group 2: Retail Performance - The Shanshan Outlets achieved a revenue of over 1.3 billion yuan in the first half of 2025, marking a significant year-on-year increase of 26% [7]. - From January to May 2025, the total retail sales of consumer goods in Zhongmu New District reached 9.95 billion yuan, with a year-on-year growth rate of 7.4% [9]. - Specific sectors saw remarkable growth, with automotive consumption increasing by 5%, home appliance sales by 51%, dining by 15%, and department store sales by 27% [9]. Group 3: Government Initiatives - The Zhengzhou government collaborates with platforms like Alipay and Douyin to provide consumption subsidies, enhancing the market atmosphere for spending [9]. - The district has successfully developed a provincial-level brand consumption aggregation area and multiple convenient living circles to boost local commerce [7].

Group 1 - The core viewpoint of the article emphasizes the role of financial support in boosting and expanding consumption, as outlined in the recent guidelines [1] - Financial institutions are encouraged to support enterprises in technological innovation and industrial upgrades to enhance product quality and meet consumer demands for high-quality and personalized products [1] - There is a focus on optimizing the efficiency of capital flow in supply chains to reduce operational costs for businesses, thereby improving market competitiveness and creating a virtuous cycle of "supply upgrade - consumption quality improvement" [1] Group 2 - The demand side of the market is characterized by diversified and scenario-based financial service needs, particularly in emerging consumption areas such as new energy vehicles, smart home products, and green appliances [1] - Financial institutions are urged to innovate and develop a combination of products like installment loans, consumption subsidies, and insurance guarantees to cater to these new consumption fields [1] - In rural areas, there is a push to promote convenient payment tools and inclusive consumption credit to activate the potential of lower-tier markets [1] Group 3 - Recent years have seen financial institutions in China actively responding to policies aimed at boosting consumption, resulting in a series of innovative measures that have shown initial success [1] - The consumption market is exhibiting robust growth, demonstrating strong resilience and vitality [1] - An example from Zhejiang Chun'an County illustrates how local rural commercial banks have implemented a "ten special actions for financial support to boost consumption," including a 300 million yuan special credit allocation and 30 million yuan in interest discounts to effectively stimulate local consumption [2]