Three Departments Encourage Financial Institutions to Actively Participate in Local Consumption Promotion Activities

Deep News12-14 15:50

The General Office of the Ministry of Commerce, the General Office of the People's Bank of China, and the General Office of the Financial Regulatory Authority jointly issued a notice to strengthen collaboration between commerce and financial sectors, aiming to further stimulate consumption.

**Key Measures:**

1. **Enhancing Collaboration Between Commerce and Financial Systems** - Local commerce authorities and financial regulators are urged to establish coordination mechanisms to address challenges in implementing financial support for consumption expansion. - Financial institutions are encouraged to develop tailored financial products and services to boost consumer spending, adhering to market-oriented and legal principles.

2. **Increasing Financial Support for Key Consumption Areas** - **Upgrading Goods Consumption:** Financial services for durable goods and digital products will be enhanced, with improved installment payment, credit card, and digital yuan solutions. - **Expanding Service Consumption:** Policies will support sectors like home services, hospitality, tourism, and elderly care, with innovative financial products embedded in consumption scenarios. - **Cultivating New Consumption Models:** Financial backing will be provided for emerging trends like green consumption, digital consumption, and AI-driven consumption. - **Innovating Consumption Scenarios:** Comprehensive financial services will support new retail formats, international consumption hubs, and rural-urban consumption upgrades.

3. **Strengthening Government-Finance-Business Cooperation** - Financial institutions are encouraged to join local consumption promotion campaigns, offering exclusive products and services. - Information sharing platforms will facilitate better financing access for small businesses in the commerce sector. - Public awareness campaigns will highlight financial policies supporting consumption, while ensuring consumer protection and rational borrowing.

The notice emphasizes cross-departmental coordination to maximize policy effectiveness and calls for timely feedback on implementation progress.

Contact details for further inquiries are provided by the respective departments.

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