CCTV News: The "Special Action Plan to Boost Consumption" recently issued proposed many financial measures in terms of "strengthening credit support" and "strengthening the supporting role of investment on consumption". Focusing on boosting consumption, financial management departments have taken active actions, and financial institutions have responded one after another. The "live water" of finance is continuing to increase, and the investment of "real money" to boost consumption and add momentum to promoting economic development.

Many banks have launched action plans to help accelerate the implementation of consumption policies

Recently, China Construction Bank and Postal Savings Bank have issued action plans, introducing a number of specific measures to boost consumption around financial innovation and service upgrades. Bank of China plans to invest more than one trillion loans, create hundreds of billions of property income, invest tens of billions of consumer subsidies and fee reductions, and cover hundreds of millions of domestic and foreign consumers. Against this background, the credit supply in many banks in the consumer sector has increased significantly. As of the end of February, ICBC had issued more than 1.7 trillion yuan in personal consumption loans; the balance of personal consumption loans of Agricultural Bank of China increased by 16.9 billion yuan compared with the beginning of the year.

Increase financial supply and embed financial services into emerging consumption scenarios

More and more financial institutions keep up with the new trend of diversified consumption scenarios and embed financial services into various emerging consumption scenarios. In Chongqing, CCB supports entrepreneurship and employment in youth night markets with inclusive financial services, and helps the development of the "night economy"; in Heilongjiang, agricultural behavior creates personal consumption loan products in the ice and snow season, helping to transform "cold resources" into "hot industries". Behind the continuously optimized financial products and services is differentiated consumer demand. A relevant person in charge of the People's Bank of China said recently that it will guide financial institutions to study and launch targeted financial products around new consumption scenarios such as old-for-new, smart products, ice and snow sports.

Win a combination of consumption policies and further enhance financial support

Industry insiders pointed out that the "Special Action Plan to Boost Consumption" clearly states that in 2025, fiscal interest subsidies will be given to qualify for personal consumption loans and service industry operators in the consumption field. Financial and fiscal interest subsidies, tax and fee reductions and other policies work together to launch a combination of consumption policies, which will help reduce consumption costs. The State Administration for Financial Supervision and Administration recently issued a notice encouraging banking financial institutions to increase the issuance of personal consumption loans and reasonably set consumer loan quotas, terms and interest rates. At the same time, financial institutions are required to increase the supply of consumer finance and increase credit supply to the consumer service industry.

Sheng Wenwen, Deputy Director of the Finance Department of the Institute of Economics of China Institute of Macroeconomics: On the one hand, the scale of loans continues to increase, and on the other hand, the interest rate of consumer loans continues to decline, the consumer loan interest rates of joint-stock banks and urban commercial banks have been lowered, and the consumer loan interest rates of some large banks have also dropped to less than 3%, which will help effectively reduce the financing costs of the residents' sector and better boost the consumption demand of the residents' sector.

Give full play to the joint policy efforts to help residents "can consume" and "dare to consume"

High-quality consumer financial services are helping the consumer market. Industry insiders said that to boost consumption, we must give full play to the joint policy of policy, help residents to be able to consume and dare to consume, continuously release consumption potential, and promote the all-round expansion of domestic demand.