The Ministry of Commerce, the People's Bank of China, and the General Administration of Financial Supervision jointly issued the “Notice on Strengthening Commercial and Financial Collaboration to Boost Consumption”

The Zhitong Finance App learned that on December 14, the Ministry of Commerce, the People's Bank of China, and the General Administration of Financial Supervision jointly issued the “Notice on Strengthening Cooperation between Business and Finance to Boost Consumption”. The “Notice” proposes 11 policies and measures in 3 areas focusing on key areas such as commodity consumption, service consumption, new consumption scenarios, consumption support, etc., and key links such as strengthening mechanisms, implementation, and promoting joint efforts.

The first is to deepen system collaboration. Guide relevant local departments to establish and improve coordination working mechanisms, strengthen normalized communication, refine support measures, and strengthen coordination of fiscal, commercial and financial policies. The second is to increase financial support. Enrich and improve financial products and services, strengthen scenario connection and ecological integration, improve adaptability to the consumer sector, help upgrade product consumption, expand service consumption, cultivate new types of consumption, innovate diversified consumption scenarios, and do a good job in consumer assistance. The third is to expand docking cooperation. Encourage joint consumer promotion activities, expand various forms of information sharing, do a good job of publicity, guidance and promotion, enhance the sense of acquisition among business entities and consumers, and promote the implementation and effectiveness of various policies and measures.

The “Notice” emphasizes the need to strengthen coordination and coordination, do a good job of interdepartmental policy coordination, work coordination, and complementary advantages; ensure implementation and results; encourage relevant local departments and financial institutions to refine and improve financial support measures in line with actual practice to stimulate consumption potential; and strengthen follow-up and guidance, share progress in a timely manner, and summarize and promote typical experiences and practices.

The original text is as follows:

Notice of the General Office of the Ministry of Commerce, the General Office of the People's Bank of China, and the General Office of the General Administration of Financial Supervision on strengthening commercial and financial collaboration to boost consumption

Provinces, autonomous regions, municipalities directly under the Central Government and planned individual municipalities, the commercial departments of the Xinjiang Production and Construction Corps, the Shanghai headquarters of the People's Bank of China, branches of the provinces, autonomous regions, municipalities directly under the Central Government and planned separate cities, various supervisory authorities of the General Financial Supervisory Authority, various policy banks, large banks, joint stock banks, insurance group (holding) companies and insurance companies:

In order to thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, strengthen collaboration between business and financial systems, guide financial institutions to focus on key areas of consumption to increase support and help boost and expand consumption, the relevant matters are now notified as follows:

I. Deepening collaboration between business and financial systems

(1) Improve coordination mechanisms. Local commercial authorities and financial management departments strengthen communication and division of labor and collaboration, establish and improve coordination mechanisms in line with the actual situation, and promote solutions to the difficulties and problems encountered in the implementation of financial support to expand consumption. Encourage places in a position to do so to improve communication and cooperation mechanisms with financial institutions, introduce special work plans, etc., and guide financial institutions to enrich financial products and services and increase financial supply to the consumer sector in accordance with the principles of marketization and the rule of law.

(2) Refine implementation measures. Local commercial authorities, in conjunction with efforts to expand consumption, strengthen policy coordination, work docking and information sharing with financial management departments, promote the further mobilization of financial resources, and ensure the implementation and implementation of relevant policies and measures. Financial institutions support boosting and expanding consumption in accordance with policy requirements such as the “Guiding Opinions on Financial Support to Boost and Expand Consumption” and “Notice on Developing Consumer Finance to Help Boost Consumption”, etc., to coordinate internal resources, take the initiative to advance services, formulate specific implementation rules, and carry out special actions.

(3) Strengthen policy synergy. Local commercial authorities are encouraged to make full use of existing funding channels, actively carry out consumer promotion activities, and form joint efforts with financial support to better stimulate consumption potential. Encourage places in a position to do so to use digital yuan smart contract red envelopes to improve the quality and efficiency of implementing consumer promotion policies. Combining actual local exploration and application of various methods such as financing guarantees, loan interest rates, and risk compensation, etc., to strengthen coordination and coordination of fiscal, commercial, and financial policies, and guide increased investment of credit funds into key areas of consumption. Places that are in a position to do so are encouraged to support participation in key consumer projects such as health care, cultural tourism, etc., and new consumption fields such as digital and green through various means. Banks and non-bank financial institutions are encouraged to give full play to their respective characteristics, strengthen complementary advantages, participate collaboratively in consumer promotion activities, and promote the upgrading of consumption quality.

II. Increase financial support for key areas of consumption

(4) Upgraded product consumption. Strengthen consumer finance services such as bulk durable consumer goods and digital products, and tap the potential for upgrading commodity consumption. Promote cooperation between financial institutions and platforms and key merchants, enter supermarkets, improve product service models such as installment payments, credit cards, mobile banking, and digital yuan to better meet consumers' renewal needs. According to the customer's ability to repay and credit conditions, determine the loan issuance ratio, term and interest rate reasonably, implement policies to differentiate personal consumer loan amounts, terms, and interest rates, and accelerate the development of the personal consumer loan business. Appropriately reduce penalties arising from early settlement of loans during the car trade-in process. Strengthen the interface between financial institutions and key domestic and foreign trade integration enterprises and platforms, provide domestic and foreign transaction matching services, improve cross-border supply chain financing models, support the integrated operation of domestic and foreign trade by more enterprises, expand the scale of domestic trade insurance coverage, and support more high-quality foreign trade products to enter the domestic market.

(5) Expand service consumption. Improve the “1+N” policy and measure system, and increase support for service consumption policies. Combining trends and characteristics of key service consumption trends and characteristics such as housekeeping, lodging and catering, culture, sports and entertainment, education, tourism, and nursing care, innovate financial products and services, and integrate more into consumption scenarios and the consumer ecosystem. Make good use of service consumption and pension refinancing, encourage and guide financial institutions to strengthen matchmaking services under the premise of independent decision-making, actively issue loans to business entities in the service consumption sector and the pension sector; establish and improve promotion mechanisms for key enterprises, projects and activities, and actively promote them to financial institutions. Expand intangible asset pledge financing services such as intellectual property rights and scientific and technological achievements, enrich financial products suitable for small and micro enterprises, develop insurance products such as commercial insurance pensions, commercial health insurance, and accident insurance, improve the adaptability of finance to service consumption, and promote the optimization of service supply.

(6) Cultivate new types of consumption. Promote the development of new types of consumption according to local conditions, and actively explore effective measures to support new consumer formats and models such as the initial economy, green consumption, healthy consumption, digital consumption, “artificial intelligence+consumption”, and “IP+ consumption” in accordance with the principles of controllable risk and commercial sustainability, and provide more diverse and differentiated financial services. Guide financial institutions to cooperate with social e-commerce, live e-commerce, etc., and develop business models adapted to the characteristics of the Internet. Support financial institutions to strengthen cooperation with physical retail and e-commerce platforms and expand “one-stop” financial services. Under the premise of legal compliance and manageable risks, the range of customers will be reasonably and moderately expanded, “long-tail” customers will be served, and accessibility and convenience will be enhanced. Support financial institutions and large enterprises to explore and expand the application of consumer points under the premise of legal compliance.

(7) Innovate diversified consumption scenarios. Integrate comprehensive financial services such as financing, settlement, and insurance to support the construction of new consumer formats and new scenarios, increase financial support for the “Buy in China” series of activities, international consumer center cities, pedestrian streets (business districts), characteristic commercial districts, one-quarter convenient living circles, commodity market optimization and upgrading, retail innovation and upgrading, and maintaining integrity, innovation and development of established brands, and provide financial services throughout the entire industry chain and life cycle. Explore the development of exclusive loan products in combination with improving the quality and efficiency of county commerce and the high-quality development of e-commerce in rural areas. Promote inbound consumption and continuously improve the convenience of payment for immigrants. Encourage financial institutions to actively integrate into new urban and rural consumption scenarios and hot spots, broaden online channels, strengthen offline services, and actively build scenario-based financial service brands.

(8) Help consumers. Expand consumption in the county area and provide credit support in cooperation with activities such as the “New Market, New Service, New Consumption” and the county commercial consumption season. Upgrade rural consumption, promote sales of agricultural specialty products, and provide special financial services to agricultural product production and marketing conferences and other exhibition platforms serving rural revitalization. Support rural distribution development, actively meet the financing needs of new construction and renovation projects such as county logistics distribution centers and trade centers, and better meet the credit needs of projects such as cold chain logistics facilities. Encourage targeted support cooperation such as recommended credit programs, and increase financial institutions' “financing+financing” support for designated support counties. Optimizing the rural credit environment.

3. Expand government-finance-enterprise matchmaking cooperation

(9) Jointly carry out consumer promotion activities. Encourage financial institutions to actively participate in a series of consumer promotion activities organized and carried out by local commercial authorities, launch special programs, exclusive products, and special events, reach more business entities and consumers through consumer promotion activities, and expand the coverage of financial services. Financial institutions are encouraged to customize and upgrade digital yuan smart contract red envelope service plans according to the differentiated consumption promotion policies and scenario requirements of various regions to better meet the requirements of efficient turnover, accurate and direct delivery of subsidy funds, and targeted policies. Encourage merchants and platforms to issue consumer vouchers to provide more discounts such as low interest and interest-free installment. Guide financial institutions to deepen cooperation with merchants and platforms, jointly develop financial products and services adapted to the characteristics of the consumer industry, accurately acquire customers and promote flexible promotions, and form a “government+financial institution+merchant” synergy to expand consumption.

(10) Carrying out various forms of information sharing. Based on the actual situation, local commercial authorities establish a list of key projects in the consumer sector, rely on platforms or mechanisms such as credit market service platforms to strengthen sharing with financial institutions and facilitate accurate matchmaking services for financial institutions. Improve the consumer goods trade-in service platform and expand the scope of participation of financial institutions. Accelerate credit construction in the consumer sector and promote credit loan investment. Local commercial authorities rely on financing coordination mechanisms to support small and micro enterprises and actively promote the strengthening of information sharing of commercial small and micro enterprises with financial institutions through local financing credit service platforms to promote accurate and direct financing. Strengthen the monitoring and analysis of the financing situation in the consumer sector, and strengthen information sharing between departments.

(11) Do a good job of publicity, guidance and promotion. Strengthen cooperation on both the supply and demand sides, and regularly exchange financial support on the progress of efforts to expand consumption. Make full use of commercial and financial channels and platforms to widely promote financial support policies and measures that have been introduced to boost consumption, actively replicate and promote typical cases, and guide enterprises and consumers to make full use of relevant policy dividends. At the same time, the protection of financial consumers' rights and interests will be strengthened, and consumers will be guided to borrow rationally and consume rationally. Please provide timely feedback to the Ministry of Commerce (Finance Department), the People's Bank of China (Department of Credit Markets), and the General Administration of Financial Supervision (Policy Research Department) on important work progress, difficult issues, and effective empirical practices.

This article was selected from the “Ministry of Commerce” official website, Zhitong Finance Editor: Jiang Yuanhua.