China's central bank to enhance financial services to boost consumption

BEIJING, May 9 (Xinhua) -- China's central bank will implement a series of measures to improve financial services aimed at stimulating consumer spending, according to a report released Friday by the People's Bank of China (PBOC).

According to the PBOC's first-quarter 2025 monetary policy report, it will better implement the moderately loose monetary policy. At the same time, it will explore the application of structural policy tools. These tools will be used to guide financial institutions to better support consumption across key sectors, such as tourism, catering, entertainment and education.

According to the report, the PBOC will introduce a comprehensive package of financial policies to stimulate consumption, with emphasis on supply-side support.

Financial institutions will be encouraged to optimize credit products and services for key consumption scenarios, major strategies and priority groups, and the central bank will support auto finance companies and consumer finance firms in issuing financial bonds, said the report.

Additionally, the central bank aims to build an efficient and convenient payment ecosystem while improving payment convenience for foreigners visiting China. ■