China's economic planner and regulator to spur credit driven consumption
Consumers will receive greater credit support to purchase automobiles, home appliances and furniture through optimized interest rates and fee levels, as detailed in a document jointly issued by China's top economic planner and financial regulator on Monday.
The guideline aims to promote the development of the overall commercial credit system.
Cooperation between financial institutions and commercial enterprises is to be strengthened, the document stated.
Enterprises are encouraged to provide "buy now, pay later" services and reduce deposit requirements to boost consumption.
To ease financial pressures for micro, small, and medium-sized enterprises (MSMEs), financial institutions are urged to develop specialized credit products based on sales data and accounts receivable. In particular, the guideline highlights the further enhancement of credit support for MSMEs engaged in foreign trade.