On the morning of February 11, a press conference was held by the State Council Information Office. During the event, Guo Wuping, spokesperson for the National Financial Regulatory Administration and head of the Policy Research Department, highlighted the 2026 "Happy Spring Shopping" Lunar New Year special campaign and related financial support measures. He addressed media inquiries on ensuring market supply during the holiday period and stimulating consumer activity.
Guo emphasized that a robust consumer finance environment is vital for a thriving holiday market and boosting consumption. The financial regulator is fully implementing the decisions of the Central Committee and the State Council, promoting the integration of investment in goods and investment in human capital. It is guiding Financial Institutions to effectively carry out measures to spur consumption, which can be summarized in four key areas: reducing costs, improving services, benefiting livelihoods, and strengthening safeguards.
First, reducing costs. Since last year, the financial regulator, in collaboration with relevant departments, has implemented subsidy policies for service sector entities and individual consumer loans, notably providing a 1-percentage-point interest subsidy on personal consumer loans. Early this year, these two subsidy policies were further adjusted and optimized: credit cards were included in the consumer loan subsidy scope, subsidy amounts were increased, and the range of handling institutions was expanded to include rural commercial banks, city commercial banks, consumer finance companies, and auto finance companies. This better leverages the synergistic role of fiscal and financial policies in boosting domestic demand and effectively lowers the cost of consumer financing.
Second, improving services. Financial Institutions are encouraged to diversify their financial products and services around expanding goods consumption, developing service consumption, and fostering new types of consumption. Tailored financial products are being developed for new consumption scenarios such as digital, green, and smart consumption, with enhanced digital capabilities to improve the suitability and convenience of consumer financial services.
Third, benefiting livelihoods. Financial Institutions are required to utilize their service networks and capital and technological advantages to assist local governments in organizing consumption promotion activities, distributing consumer subsidies, and providing value-added services. Several Financial Institutions will partner with key merchants to offer benefits such as consumption vouchers, spend-and-save promotions, and point redemption programs, directing financial resources to better serve social and public welfare.
Fourth, strengthening safeguards. During holidays, Financial Institutions will ensure a sufficient number of branches remain open to meet basic public financial service needs. Efforts are also underway to enhance payment convenience in consumption scenarios, with particular attention to meeting the payment needs of groups such as the elderly and foreign visitors. Insurance companies will develop new products for consumption scenarios like shopping, dining, travel, and sports, while optimizing underwriting and claims services.
When asked how Financial Institutions will support the "Happy Spring Shopping" campaign and protect consumer rights, Guo pointed out that Financial Institutions are key participants. Expanding domestic demand and promoting consumption are crucial aspects of financial services supporting the real economy and reflect the political and people-oriented nature of financial work. Financial Institutions will provide targeted services focusing on different consumption modes.
In the goods consumption sector, Financial Institutions are required to increase the issuance of personal consumer loans, reasonably determine loan proportions, terms, and interest rates, and actively support the replacement of durable consumer goods such as automobiles, home appliances, and home furnishings. The functions of platforms for auto insurance and used car information services will be further utilized, accelerating the establishment of a comprehensive auto insurance rating system to vigorously promote auto consumption.
In the service consumption sector, efforts will combine consumption promotion with public welfare, better meeting demand for services like elderly care and health. The development of commercial annuity insurance products that offer both pension risk protection and wealth management functions is encouraged, along with supporting commercial health insurance products benefiting groups such as chronic disease patients and the elderly. Meanwhile, there will be a strong push for the development of commercial long-term care insurance. Financial service models will be optimized for sectors like culture, tourism, sports, entertainment, and education to stimulate vitality in improved service consumption.
In the new consumption sector, integration of online services and offline support will be promoted, strengthening the combination of financial services and consumption scenarios. Financial Institutions are encouraged to collaborate with merchants to develop financial products and services suitable for new models such as digital consumption, experiential consumption, smart consumption, and customized consumption.
He also stressed the importance of strengthening financial consumer rights protection, enhancing product information disclosure, standardizing marketing and promotion, bolstering data security and personal information protection, and improving diversified dispute resolution mechanisms. Increased financial literacy education will target key groups including new urban residents and the elderly, promoting a culture of rational consumption.
Guo stated that, moving forward, the National Financial Regulatory Administration will continue to strengthen policy guidance, encourage Financial Institutions to increase resource allocation in the consumption sector, enrich consumer financial products, and enhance service quality and efficiency. This will provide solid support for leveraging consumption's fundamental role in economic development.