Guangdong: Encouraging Commercial Banks to Leverage Structural Monetary Policy Tools to Boost Credit Support for Service Consumption and Elderly Care
5 day ago / Read about 0 minute
Author:小编   

On November 3, it was reported that the "Guangdong Province Implementation Plan for Expanding Consumption" proposes to appropriately increase the share of public service expenditure in fiscal spending, continue to scale up investment in people's livelihood, make effective use of inclusive consumption instruments, and promote direct subsidies to consumers. It calls for coordinating funds such as central budget investment and ultra-long-term special government bonds to support the development of consumption infrastructure and trade-in programs for consumer goods; coordinating central pilot funds for an internationalized consumption environment and pilot funds for new consumption formats, models, and scenarios to optimize the consumption environment, expand service consumption, and strengthen consumers' willingness to spend. Commercial banks are encouraged to leverage structural monetary policy tools—such as relending for service consumption and elderly care, relending for agriculture and small businesses, and rediscounting—to increase credit support in related sectors. Financial institutions are encouraged to diversify consumer finance products and tailor financial products and services to new types of consumption, such as the consumption of artificial intelligence products. Special funds for fiscal-financial coordination to boost domestic demand should be well utilized, and interest subsidy policies should be implemented for personal consumer loans, loans to service industry business entities, entrepreneurship guarantee loans, and loans to small and medium-sized enterprises. Insurance institutions are encouraged to offer customized insurance products tailored to consumption scenarios such as automobiles, home appliances, and home furnishings. The application of "digital yuan + consumption" scenarios should be promoted.

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