New policies to boost personal and service consumption: SCIO

China will introduce two new financial policies aimed at boosting consumption and supporting the services sector, Vice Finance Minister Liao Min announced on Wednesday. The first policy offers interest subsidies on personal consumer loans of up to 50,000 yuan ($6,965), or larger amounts in key areas such as education, elderly care, and healthcare. The second provides subsidized loans of up to 1 million yuan for businesses in eight major service industries, including catering, tourism, health, and sports, with a 1 percentage point interest rate subsidy. Officials said the measures are designed for wide coverage with low eligibility thresholds, ensuring easy access to financial support. Major state-owned and joint-stock banks have already pledged to implement the new subsidies, which aim to improve livelihoods and stimulate spending.

Credit: CGTN