Policy Interpretation of "Several Measures of Guangzhou City on Further Increasing Financial Support to Promote Consumption
To implement the series of decisions and arrangements made by the CPC Central Committee and the State Council on expanding domestic demand and boosting consumption, and to fulfill the relevant work requirements of Guangdong Province and Guangzhou Municipality regarding promoting consumption, this document aims to fully leverage the important supporting role of finance in stimulating and expanding consumption. By capitalizing on Guangzhou's multiple advantages as an international trade center, a core engine of the Guangdong-Hong Kong-Macao Greater Bay Area, and an international consumption center city, along with its well-developed modern financial service system, we will optimize financial supply, enrich consumer finance products, improve service systems, address pain points in financial services related to consumption, unlock the potential of the consumer market, promote sustained economic improvement, and support Guangzhou’s high-level development into an international consumption center city. Accordingly, the "Several Measures of Guangzhou Municipality on Further Strengthening Financial Support to Boost Consumption" (hereinafter referred to as the "Measures") has been formulated.
In order to implement the relevant instructions of municipal leaders, the Municipal Party Committee Financial Office conducted extensive special investigations and policy research, organizing financial regulatory departments, industry authorities, and financial institutions to study the current situation of financial support for consumption. At the same time, it actively studied and drew upon mature policy experiences from within Guangdong Province and places such as Shanghai regarding financial support for consumption, soliciting suggestions on financial products, practical cases, and policy initiatives from financial institutions across the city. Based on a thorough consideration of Guangzhou’s actual development conditions, the Municipal Party Committee Financial Office took the lead in drafting the "Several Measures of Guangzhou Municipality on Further Strengthening Financial Support to Boost Consumption (Draft)," and sought opinions and suggestions from financial regulatory departments, industry authorities, and relevant financial institutions. After repeated revisions and improvements, the present "Measures" was finalized.
The "Measures" consist of two major parts: work objectives and work measures. Among them, the work measures propose ten specific tasks: making full use of special financial policy tools; further optimizing the payment environment; enriching the supply of consumer credit products; supporting innovation in insurance products and business; guiding local financial organizations to assist in boosting consumption; promoting financial empowerment across diversified consumption scenarios; deeply integrating into key areas of the "Bai Qian Wan Project" to enhance consumption quality; exploring innovative "consumer finance + AI" service models; preventing financial risks related to consumption; and establishing and strengthening a working coordination mechanism.
First, precise linkage of policy tools, delivering dual benefits to businesses and the public.By comprehensively utilizing special policy tools such as re-lending, fiscal interest subsidies, and trade-in subsidies, financial resources are guided to be precisely directed toward key service sectors like accommodation, catering, culture, tourism, entertainment, elderly care, childcare, as well as major consumption areas such as automobiles and home appliances, effectively reducing financing costs for business entities and consumer credit costs for residents.
Second, deep empowerment of consumption scenarios tailored to Guangzhou’s local characteristics.Closely aligned with Guangzhou’s Cantonese cultural heritage and unique consumption patterns, financial services are deeply integrated with the Cantonese economy, urban consumption IPs, and emerging consumption formats. This supports the revitalization of time-honored brands and intangible cultural heritage–inspired creations, fosters the development of ticket-based economies, event-driven economies, and ACG-related industries, and provides financial support around urban consumption IPs such as the "New Eight Scenic Spots of Guangzhou," enabling coordinated development between local特色consumption and new types of consumption.
Third, technology-driven financial innovation to create smart consumer finance.It proposes exploring innovative "consumer finance + AI" service models, promoting deep integration between financial technology and consumption scenarios, and comprehensively elevating the intelligence level of consumer financial services. Financial institutions and fintech companies are encouraged to jointly establish innovation laboratories with universities and research institutes, focusing on technological breakthroughs and product incubation in the field of consumer finance. Financial institutions are supported in connecting with the "Xin Yi Dai" platform and various lifestyle service platforms to develop AI-powered credit approval and dynamic credit limit management systems. Furthermore, financial institutions are guided to leverage AI technology to create intelligent consumer finance advisors, reshaping the consumer financial service experience through technological advancements.