China unveils 19-measure guideline to strengthen financial support for consumption
发布日期：2025-06-25 09:17:49 点击量：13次
China's central bank and five other government departments on Tuesday issued a guideline outlining 19 measures to boost consumption, with a focus on enhancing financial support for both goods and services to better meet consumer demand in the world's second-largest economy.
The guideline outlines 19 key measures across six areas, including strengthening consumers' purchasing power, expanding financial supply in the consumption sector and unlocking household spending potential.
It calls for support for employment and income growth for residents, optimizing insurance protection, and actively cultivating consumer demand. Increasing credit support for key services consumption areas, and developing diversified financing channels such as bonds and equity, are also highlighted.
The guideline also calls for innovative financial products based on consumption scenarios and characteristics, as well as optimizing consumer payment services and improving the credit system in the consumer field.
"Supporting the promotion and expansion of consumption is an important part of financial services for the real economy," the guideline said.
The core focus of the guideline is strengthening households' consumption confidence by improving the real economy, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Tuesday.
"The central bank clearly aims to boost income levels by supporting businesses, particularly in the services sector, through increased credit access and continued financing. Higher wages from stable business operations are essential to restoring consumer confidence," he said.
Banks are encouraged to build specialized teams, innovate loan products, and offer targeted support to businesses in key consumption areas.
A re-lending facility of 500 billion yuan ($69 billion) has been established to support loans issued by 21 national banks and five systemically important urban commercial banks in key services consumption sectors, allowing them to apply for re-lending equal to 100 percent of the loan principal, it said.
It also supports qualified companies in culture, tourism, and education to raise funds through bond issuance. Tech-driven firms are encouraged to tap the bond market to upgrade products in smart elder care and intelligent healthcare, expanding financing channels for high-quality consumer services.
Qualified local governments are encouraged to use government investment funds to support key consumption projects in elder care, culture and tourism, as well as emerging areas such as digital and green consumption, through market-based approaches, it said.
Bian said that the guideline targets consumers' willingness and ability to spend, especially on big-ticket items. "Some households are willing to consume but face short-term cash constraints. Measures such as expanding auto loans and enhancing financing for elder care institutions can help unlock that demand," Bian said. Broader access to personal consumption loans would further support spending, he added.
The guideline encourages financial institutions to focus on key consumption scenarios such as food, housing, transport, travel, shopping, entertainment, and healthcare, and to further enhance payment convenience. Promoting the compatibility of various payment methods such as cash, bank cards, mobile payments, and digital yuan is also encouraged.
Bian further emphasized the importance of fostering new consumption trends. "Digital, green, and health-related spending reflects changing consumer preferences. Financial tools targeting these sectors will not only expand demand but also support the high-quality and sustainable growth of the Chinese economy," he said.
In March, China made public a plan involving special initiatives to vigorously boost consumption, stimulate domestic demand across the board, and increase spending power by increasing earnings and reducing financial burdens.
It also aims to generate effective demand through high-quality supply, improve the consumption environment to strengthen consumers' willingness to spend, and address prominent constraints on consumption.
China's retail sales, a major indicator of the country's consumption strength, expanded 6.4 percent year-on-year in May, according to the National Bureau of Statistics (NBS).
From January to May, retail sales rose 5 percent year-on-year, accelerating from growth of 4.7 percent in the first four months, according to the NBS.
