Nearly 600 Billion in Rediscount Loans Applied for, Fiscal and Financial Cooperation Activates the Potential of the Service Consumption Market

On September 17, at a press conference of the State Council Information Office, Yang Hong, head of the Credit Market Department of the People’s Bank of China, stated that as of now, financial institutions have applied for nearly 600 billion yuan in rediscount loans for services consumption and elderly care, involving nearly 4,000 operating entities and over 5,700 loans. Throughout this year, the People’s Bank of China, in cooperation with the Ministry of Commerce, the Ministry of Finance, among other departments, has continuously introduced a series of financial support policies, focusing on tool innovation, credit allocation, policy coordination, and channel expansion to inject strong momentum into the service consumption market. Recently, the Ministry of Commerce and other 9 departments jointly issued relevant policy measures to further strengthen fiscal and financial cooperation, promoting high-quality development of service consumption.