Overview

• Beijing has formally rolled out a one-year subsidy that cuts one percentage point from annual loan rates for businesses in eight consumer-service sectors on contracts signed between March 16 and December 31.
• The central government will cover 90% of subsidy costs while provincial authorities contribute 10%, with each eligible firm capped at 1 million yuan.
• A parallel personal loan scheme starts September 1 and runs through August 31, offering one-point rate relief on single purchases up to 50,000 yuan via 18 state banks and five online lenders.
• Major state-owned banks including Industrial and Commercial Bank of China, China Construction Bank and Bank of China have pledged to implement the policy.
• Officials say the measures operationalize Beijing’s consumption push but warn that uptake, provincial coordination and broader confidence-restoring steps will determine its success.