Central Bank: Establish 500 billion yuan for consumer and elderly care refinancing to support the development of consumer services and the elderly care industry

According to the Securities Times APP, in order to expand the supply of services and boost the demand for service consumption, China's central bank issued the "Notice on the Establishment of Service Consumption and Elderly Rollover Loans" on May 9, continuously promoting the "five major financial initiatives". The establishment of service consumption and elderly rollover loans aims to incentivize and guide financial institutions to increase financial support for key areas such as accommodation and catering, culture and entertainment, education, and the elderly industry. The amount of this service consumption and elderly rollover loan is 500 billion yuan, with an annual interest rate of 1.5%, a term of 1 year, and the option to extend twice, with the maximum usage period not exceeding 3 years. The policy will be implemented until the end of 2027.