The Chinese mainland is set to roll out new interest subsidy policies aimed at easing financial burdens on both individuals and businesses. Announced by Chinese Minister of Finance Lan Fo'an during a press conference at the third session of the 14th National People's Congress, these measures are designed to stimulate consumption and invigorate key sectors of the economy.
Under the new policies, fiscal interest subsidies will be made available for personal consumer loans in pivotal sectors and business loans in industries integral to daily life. These include catering, hospitality, healthcare, elderly care, childcare, and domestic services. By reducing the financial pressure on consumers, the Chinese mainland hopes to encourage spending, while businesses benefit from lower financing costs, fostering a more vibrant economic environment.
Minister Lan emphasized that these initiatives are part of a broader strategy to support sustainable economic growth and enhance the quality of life for residents. As China navigates the complexities of the global economy, these targeted subsidies are expected to play a crucial role in maintaining momentum and ensuring resilience across various industries.
Reference(s):
China to introduce interest subsidy policies to boost consumption
cgtn.com
