国常会强调综合施策释放内需潜力，央行加量续作 MLF，债市继续承压 【内容摘要】 8 月 22 日，国常会强调要进一步强化财税金融等政策支持，综合施策释放内需 潜力，央行公告加量续作 MLF，8 月净投放将达到 3000 亿元；资金面重回宽松态势；股市强势 令债市继续承压，但短债有所回暖；转债市场主要指数集体跟涨，转债个券多数收涨；鲍威尔 "放鸽"强调就业风险，各期限美债收益率普遍下行，主要欧洲经济体 10 年期国债收益率普 遍下行。 一、债市要闻 （一）国内要闻 【国常会：综合施策释放内需潜力】国务院总理李强 8 月 22 日主持召开国务院常务会议，听 取实施大规模设备更新和消费品以旧换新政策情况汇报，研究释放体育消费潜力进一步推进 体育产业高质量发展的意见，审议通过《"三北"工程总体规划》，部署开展海洋渔船安全生 产专项整治工作。会议指出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促 转型、惠民生等方面取得明显成效。要在对政策实施情况进行认真总结评估的基础上，加强统 筹协调，完善实施机制，更好发挥对扩大内需的推动作用。要严厉打击骗补套补行为，确保补 贴资金用到实处、见到实效。要进一步强化财税金 ...

1 、 为保持银行体系流动性充裕， 8 月 25 日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展 6000 亿元中期借贷便 利 MLF 操作，期限为 1 年期。考虑到本月有 3000 亿元 MLF 到期，这意味着 8 月 MLF 净投放达到 3000 亿元，为连续第六个月加 量续作，符合市场预期。 2 、 个人消费贷款贴息政策将于 9 月 1 日正式开闸，这是中央财政首次在个人消费贷款领域实施贴息政策。 本次个人贷款贴息政策主 要是对消费贷款中真正"用于消费的部分"予以精准支持。消费金融行业人士预计，贴息政策对行业影响很大，会加速各机构向各类消费 场景拓展，通过与商户的直接合作，更好把控资金流向。 1 、据中国证券报， 近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出部署，释放 出政策支持加力信号。 专家表示，从当前各地对以旧换新政策优化调整的路径看，后续以旧换新政策有可能在上调资金支持规模、扩大 品类范围等方面发力，同时将进一步强化政策协同与技术赋能，确保政策红利直达消费者，有效扩大内需、提振消费。 2 、 陕西省印发《进一步促进民营经济高质量发展"七 ...

统计期内，商贸贷款1048亿（约合12亿美元），农业贷款525亿（约合6亿美元），抵押贷款460亿 （约合5.3亿美元），工业贷款151亿索姆（约合1.7亿美元），建筑业145亿索姆（约合1.7亿美元），其 他贷款258亿索姆（3亿美元）。 据吉尔吉斯斯坦仙人掌网8月11日报道，2025年1-6月，吉银行消费信贷总额达1368亿索姆（约合15 亿美元），同比增长1倍，6月份消费信贷平均利率达21.36%。 （原标题：吉消费贷款大幅增长） ...

Core Viewpoint - The article discusses the challenges of boosting consumer spending in the context of debt deleveraging, suggesting that the consumer loan interest subsidy policy may not be sufficient on its own and that a multi-faceted approach is necessary to achieve desired outcomes [1][5]. Summary by Sections Consumer Loan Interest Subsidy Policy - On August 12, the Ministry of Finance and other departments issued the implementation plan for the personal consumer loan interest subsidy policy, which aims to reduce financing costs in the consumer sector [2]. - This policy represents a shift in fiscal policy towards more direct support for households and individuals, including initiatives like cash subsidies for childcare [2]. - The subsidy is limited in scope and should not be overinterpreted as a replacement for other consumer incentives, such as trade-in subsidies [2][3]. Relationship Between Consumer Loans and Spending - The relationship between consumer loans and retail consumption growth is complex, with evidence suggesting that increased consumer loans do not necessarily lead to higher consumption levels [3]. - Despite a significant reduction in average consumer loan interest rates from 6% to 3% since 2022, the growth rate of household consumer loans has declined [3]. Impact on Financial Institutions - The subsidy policy allows for a maximum interest reduction of 1 percentage point, potentially lowering consumer loan rates to 2% [4]. - This creates a competitive advantage for major banks and leading consumer finance companies, while smaller local banks may face challenges due to the lack of coverage under the policy [4]. - The policy is part of a broader set of measures aimed at stimulating consumption, including significant funds allocated for service consumption and other subsidies [4].

Core Viewpoint - The newly introduced interest subsidy policies aim to stimulate consumer loans and promote consumption in various sectors, particularly in services like healthcare, education, and tourism, thereby enhancing economic growth and employment opportunities [1][3]. Group 1: Policy Overview - The interest subsidy policies are the first of their kind at the central government level, targeting personal consumption loans and loans for service industry operators [1]. - The subsidy rate is set at 1 percentage point, with a maximum loan amount of 1 million yuan per entity, allowing for a maximum subsidy of 10,000 yuan [2]. - Starting from September, consumers can receive subsidies on loans used for various services, with a maximum subsidy of 500 yuan per transaction, and multiple transactions can accumulate benefits [2]. Group 2: Economic Impact - The policies are expected to significantly benefit terminal consumption and promote consumption upgrades, particularly in sectors previously underrepresented in consumption incentive policies [1][3]. - Service consumption is projected to grow rapidly, with per capita service consumption expenditure expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of overall consumer spending [3]. - The policies are designed to create a positive cycle of consumption, investment, and employment, enhancing cash flow for businesses and potentially leading to job creation [1][3]. Group 3: Financial Coordination - The policies represent a coordinated effort between fiscal and financial measures, aiming to leverage public funds to stimulate more financial resources into the consumption sector [6]. - The potential leverage effect is highlighted, where 1 yuan of subsidy could mobilize 100 yuan in loans for consumer spending [6]. - The collaboration between fiscal and financial policies is seen as a way to optimize resource allocation and enhance the effectiveness of economic strategies [6]. Group 4: Sectoral Focus - The subsidy policies specifically target eight key service sectors, including dining, health, elderly care, childcare, domestic services, cultural entertainment, tourism, and sports [2][3]. - The service sector is noted for its high employment absorption capacity, with nearly 48.8% of total employment in China being in services, indicating a strong potential for job creation through these policies [4]. Group 5: Banking Sector Implications - Commercial banks are expected to integrate these subsidy policies into their consumer finance offerings, enhancing their stability and resilience against economic cycles [8]. - The implementation of these policies will require banks to refine their risk management models, particularly for small businesses and individuals with no credit history [8].

Core Viewpoint - The newly introduced consumer loan interest subsidy policy aims to stimulate consumer spending and boost the economy amid ongoing economic downturn and weak consumer market [1][4]. Policy Details - The subsidy is limited to loans of 50,000 yuan or less, with a cap on the subsidized amount, and covers large purchases such as automobiles, home renovations, appliances, medical expenses, and education [3][4]. - The subsidy will be directly applied to loan interest, allowing users to automatically deduct it from their monthly repayments, enhancing user experience through a "no-sense subsidy" model [3][4]. Implementation and Support - Major banks, including Agricultural Bank of China, Bank of China, China Construction Bank, and others, have expressed support and are preparing to implement the policy [6]. - The central government will cover 90% of the subsidy, while local governments will bear 10%, reflecting confidence in local execution capabilities [8]. Regulatory Oversight - Regulatory bodies emphasize the importance of banks maintaining strict credit assessments and post-loan management to prevent misuse of funds [10]. - The policy aims to reduce burdens on residents and encourage spending, particularly targeting young consumers and small-scale buyers [10]. Market Competition - The introduction of the subsidy is expected to intensify competition among banks and financial institutions as they vie for customer resources [10]. - The effectiveness of the policy in stimulating consumption and economic growth will depend on the overall improvement in residents' income and consumer confidence [10][11]. Future Outlook - The true test of the policy's success will occur after its conclusion in 2026, as it represents only one step in addressing the challenges of economic recovery and consumption structure adjustment [11].

Core Viewpoint - The new personal consumption loan interest subsidy policy, effective from September 1, aims to stimulate domestic demand and alleviate the financial burden on young consumers, potentially leading to significant economic benefits [1][10]. Policy Core - The policy shifts from direct cash subsidies to interest subsidies, allowing for a maximum subsidy of 500 yuan per loan, with no limit on the number of loans, effectively creating a "hidden welfare package" [1][3]. - The design leverages fiscal funds to amplify consumption loans by over ten times, enabling 500 billion yuan in fiscal spending to potentially mobilize 5 trillion yuan in consumption loans [3][4]. Policy Implications - The choice of interest subsidies over direct cash payments aims to achieve three main goals: activating dormant consumption potential, reducing the debt burden on young consumers, and promoting consumption equity [4][8]. - The policy is expected to lower the non-performing loan rate for consumption loans to 1.5%, below the industry average, balancing consumption stimulation with financial stability [7]. Impact on Individuals - The policy reduces loan repayment burdens, encouraging consumers to spend on various needs such as home renovations, vehicle purchases, and education [11]. - Young consumers are more likely to invest in electronic products and skills training, while families may opt for home improvements and vehicle acquisitions [11]. Impact on Enterprises - The policy is anticipated to boost orders and stabilize employment across various sectors, including automotive, tourism, and home appliances, with expected sales increases of 10-15% in the electric vehicle market and 20% in travel bookings [12][13]. Impact on Government - The policy aims to expand domestic demand, serving as a stabilizing force for the economy, with short-term expectations of a 0.5-1 percentage point increase in retail sales [15]. - The fiscal sustainability of the policy is supported by increased tax revenues from consumption growth, creating a self-sustaining mechanism [15]. Conclusion - The interest subsidy policy represents a significant shift in consumer support strategies, emphasizing a collaborative approach between the government and consumers to enhance economic vitality and promote shared prosperity [17][18].

Core Viewpoint - The Chinese government has introduced a personal consumption loan interest subsidy policy to stimulate the economy amid weak consumer spending, effective from September 1, covering 23 banks and financial institutions [1][12]. Summary by Sections Subsidy Details - The subsidy policy is not universal; it has specific rules based on consumption amount and purpose. A key threshold is set at 50,000 yuan, where consumers can receive up to a 1% interest subsidy for loans below this amount [2]. - For loans exceeding 50,000 yuan, subsidies are limited to specific categories such as car purchases, home renovations, and travel, with a cap of 5,000 yuan on the subsidy amount [2]. Strategy for Maximizing Benefits - Consumers can maximize benefits by strategically splitting loans across different banks, as each bank has a cap of 3,000 yuan on total subsidies for the year [4]. - For example, a consumer could take out multiple loans of 50,000 yuan each from different banks to receive the maximum subsidy [4]. Beneficiaries - Small business owners in the service industry are identified as the biggest winners, as they can receive a 1% subsidy on loans up to 1 million yuan, significantly reducing their effective interest rates [7]. Application Process - The application process is simplified; consumers do not need to fill out forms, as banks automatically apply the subsidy based on loan transactions [9]. Policy Background - The policy aims to address the current anxiety in the consumer market, where retail sales growth has been sluggish, with a mere 5% increase in the first half of the year [10]. Participating Institutions - The subsidy program includes a mix of traditional banks and internet financial platforms, allowing consumers to access loans through various channels like Alipay and WeChat [12]. Local Government Involvement - Some local governments, such as those in Zhejiang and Guangdong, have the authority to expand the list of participating banks, potentially increasing subsidy opportunities for consumers [13]. Timeframe - The personal consumption loan subsidy policy is set to last for one year, ending on August 31, 2026, while the corporate loan subsidy has a tighter deadline, expiring on December 31 of this year [13].

（原标题：用好消费贷贴息应打好"组合拳"） 张林/文 8月12日，财政部等三部委印发了《个人消费贷款财政贴息政策实施方案》。财政贴息相当于 对特定消费主体和消费贷款实施的定向降息，有助于降低消费领域的融资成本。 提振消费是一项相当复杂的系统性工程。在这一系统性工程中，财政政策的角色非常重要。它是更倾向 于公共投资还是更倾向于家庭保障，是两种非常不同的政策选择。 今年以来，财政政策思路发生了明显的变化，体现出更显著的"投资于人"以及"民生支持"倾向，更注重 直达家庭与个人。比如，推出国家育儿补贴，这是首次以现金补贴方式大范围直补家庭开支；当前对消 费贷款的贴息政策，也是首次中央财政对消费贷款进行定向补贴。 由财政拿出真金白银来支持居民消费，释放了政策信号和暖意，但也不宜过度解读消费贷贴息的政策效 果，比如认为消费贷贴息可以取代以旧换新，或者认为该政策将撬动超万亿元增量消费等。 从政策落地规则上来看，以旧换新补贴的是消费品本身，而消费贷贴息补贴的是信贷工具，且消费贷贴 息在适用期限、使用条件和使用限额方面做了诸多限制，相比消费品以旧换新的政策力度偏小，所以， 认为消费贷贴息能够替代以旧换新政策的解读可能是偏颇的。 ...

Core Points - The new policy provides a 1% interest subsidy on consumer loans, with a maximum subsidy of 3000 yuan, effective from September 1, 2025 [2][4] - The subsidy is calculated based on the actual consumption amount, with a minimum single transaction of 50,000 yuan required to qualify for the subsidy [2][4] Group 1: Loan Structuring - For a car purchase of 150,000 yuan, splitting the loan into three 50,000 yuan loans can yield a total subsidy of 1500 yuan instead of just 500 yuan if taken as a single loan [3] - The maximum subsidy for large purchases is capped at 3000 yuan per bank, while small purchases under 50,000 yuan can receive a maximum of 1000 yuan [3] - A strategic combination of loans from different banks can maximize the total subsidy received [3][4] Group 2: Renovation Loans - Home renovation loans are expected to benefit significantly from this policy, with a potential total subsidy of 2500 yuan by combining different loan types [3][4] - The ideal loan structure for renovation includes multiple loans from different banks to maximize the subsidy [3] Group 3: Important Considerations - Credit card purchases do not qualify for the subsidy, and loan funds must be used for actual consumption [4] - Documentation for key expenditures, such as renovation contracts, must be retained for bank verification [4] Group 4: Timing and Strategy - The recommended timeline for applying for loans is to start with small loans before moving to larger ones, ensuring a gap of at least seven days between applications at different banks [4] - To maximize the subsidy, a total consumption of 300,000 yuan can be structured as 100,000 yuan in small loans and 200,000 yuan in large loans across four banks [4] Group 5: Additional Opportunities - Loans for fertility and elder care expenses are also eligible for the subsidy, providing additional financial benefits [5] - The effective interest rate for certain loans can be reduced to below 3% when combined with government subsidies and allowances [5]