In order to thoroughly implement the national strategy to expand domestic demand and promote consumption, the Ministry of Finance, the People's Bank of China, and the General Administration of Financial Supervision recently jointly issued the “Notice on Further Accomplishing the Work Related to Fiscal and Financial Cooperation Policies to Promote Domestic Demand”, which raised the maximum cumulative annual interest rate discount limit for a single person to 5,000 yuan and extended the scope of interest rate discounts to “new types of credit card installment services such as special credit card instalments, consumer installments, and advance cash instalments”. After the policy was issued, banks responded quickly and issued operating rules and customer questions and answers as soon as possible. According to analysis by industry insiders, with its huge base of cardholders, a nationwide network of cooperative merchants, and convenient online processing experience, credit cards are becoming a key financial tool for the “precise drip irrigation” consumer side of the fiscal interest rate discount policy, which is expected to have a boosting effect on major consumer sectors such as home appliances, home improvement, automobile consumption, and cultural tourism.

In order to thoroughly implement the national strategy to expand domestic demand and promote consumption, the Ministry of Finance, the People's Bank of China, and the General Administration of Financial Supervision recently jointly issued the “Notice on Further Accomplishing the Work Related to Fiscal and Financial Cooperation Policies to Promote Domestic Demand”, which raised the maximum cumulative annual interest rate discount limit for a single person to 5,000 yuan and extended the scope of interest rate discounts to “new types of credit card installment services such as special credit card instalments, consumer installments, and advance cash instalments”. After the policy was issued, banks responded quickly and issued operating rules and customer questions and answers as soon as possible. According to analysis by industry insiders, with its huge base of cardholders, a nationwide network of cooperative merchants, and convenient online processing experience, credit cards are becoming a key financial tool for the “precise drip irrigation” consumer side of the fiscal interest rate discount policy, which is expected to have a boosting effect on major consumer sectors such as home appliances, home improvement, automobile consumption, and cultural tourism.