Xie Guangqi, director of the Monetary Policy Department of the People's Bank of China: Promote the enhancement of residents' consumption ability.

In recent years, the People's Bank of China has implemented systematic measures to support the enhancement of consumption ability, improve financial supply, and unleash consumption potential, in order to meet the diverse financing needs in the consumption sector. This includes the establishment of a 500 billion yuan loan facility for supporting consumption and elderly care, guiding financial institutions to innovate consumer financial products, and promoting the convenience of payment services. As for the situation of consumption and elderly care loans, by the end of 2025, financial institutions have submitted two batches of applications to the People's Bank of China, with the Bank issuing 118.4 billion yuan in loans. In terms of bank loans, as of the end of November 2025, the balance of consumer loans excluding personal housing loans has reached 21.2 trillion yuan. In the next stage, the People's Bank of China will continue to implement a moderately loose monetary policy to create a suitable monetary and financial environment to stimulate consumption and expand domestic demand. Based on this, it will further enhance the structural guidance function of monetary credit policy and continuously improve the adaptability and effectiveness of financial support for consumption. Firstly, it will enhance the efficiency of financial support in key areas of service consumption. The People's Bank of China will expand the support areas of service consumption and elderly care loans, and once the relevant industry regulators have clarified the criteria for defining the health industry, it will timely include the health industry in the support areas of service consumption and elderly care loans. Through appropriately discounted interest rates on reloans, financial institutions are encouraged to increase credit supply in the consumption sector following market-oriented and rule-of-law principles. Guidance will be continued for financial institutions to innovate products and services based on consumption scenarios, with a focus on supporting industries highly relevant to people's livelihoods such as accommodation and catering, cultural tourism and sports entertainment, elderly care and childcare, and household services. Secondly, it will promote the enhancement of residents' consumption ability and support genuine financing needs for consumption. Implementation of entrepreneurship guarantee loan policies will continue to support key groups in employment and entrepreneurship as well as small and micro-enterprises that meet the conditions for job creation. Support will be provided for the healthy and stable development of the Chinese capital market, increasing residents' investment channels and regulating the development of consumer finance to meet diverse and personalized consumption needs of residents. Strengthened coordination between financial and fiscal policies will help implement policies such as interest subsidies on consumer loans, reducing the financing costs in the consumption sector. Thirdly, it will optimize basic financial services for consumption. Continuing to improve the diversity of payment service systems, along with enhancing payment experiences in key consumption scenarios, implementing one-time credit repair policies to improve the consumption financial environment.