On August 13, Deputy Minister of Finance Liao Min stated at a press conference held by the State Council Information Office that in the past two years, there has been a continuous increase in the cooperation between fiscal and financial policies to amplify the multiplier effect of public funds and expand the coverage of policies. The introduction of interest subsidies for personal consumption loans and interest subsidies for service industry operating entities' loans is one of the specific measures of fiscal and financial cooperation, aimed at further reducing the credit costs for residents and operating entities, while ensuring and improving people's livelihoods, boosting consumption, and facilitating economic circulation. On August 12, the "Implementation Plan for Interest Subsidies on Loans to Service Industry Operating Entities" and the "Implementation Plan for Fiscal Interest Subsidies on Personal Consumption Loans" were officially announced. The annual interest subsidy rate for both loan subsidy policies is 1 percentage point, with the central government covering 90% of the subsidy funds, to alleviate the financing pressure on service industry operating entities with "real financial support" and stimulate residents' consumption potential
