Interest subsidy policies for personal consumer loans have been rolled out across China to boost consumer spending during the seven-day National Day holiday.
The push is backed by a 100-billion-yuan (about 14.92 billion U.S. dollars) fiscal-financial coordination fund to drive domestic demand.
In southwest China’s Sichuan Province, loan subsidies combined with promotional campaigns at major home furnishing markets drew large crowds. Consumers can enjoy an annualized interest discount of 1 percentage point.
“I was attracted by the loan interest subsidy. It saves me 3,000 yuan a year in interest. It’s really cost-effective,” said a consumer surnamed Xiang.
Sichuan has adopted an advance-payment-plus-settlement model instead of year-end lump-sum reimbursement, enabling timely processing and quick payout for eligible loans.
“Consumers can apply online directly. Once approved, funds are disbursed immediately. No separate subsidy application is needed — the discount is deducted automatically from interest payments, with zero service fees,” said Liu Junfeng, head of a Bank of China branch in Chengdu, capital of Sichuan.
As of now, Sichuan financial institutions have issued over 399 billion yuan in personal consumer loans eligible for subsidies, benefiting 3.41 million consumers.
“We will guide financial institutions to increase consumer credit supply and build personalized, differentiated service systems tailored to diverse consumption scenarios,” said Jiang Yi, deputy head of the Sichuan Bureau of the National Financial Regulatory Administration.
China celebrated the 77th anniversary of the founding of the People’s Republic of China on Thursday, with the annual “Golden Week” holiday through Oct. 7.
Interest subsidies on consumer loans fuel National Day holiday spending in China
Crowds of tourists came to the ancient city of Kashgar in northwest China’s Xinjiang Uygur Autonomous Region to experience the desert fun and enjoy the magnificent desert scenery during the week-long National Day holiday, which started on Thursday this year.
At the Maigaiti National Desert Park, on the southwestern edge of the Taklamakan Desert, the park receives an average of 6,000 visitors per day during the National Day holiday.
Tourists can experience desert off-road vehicles racing between the dunes, surging up the peaks and plunging down, delivering a thrilling sensation.
Visitors can also stroll slowly across the sea of sand on camelback. In addition, the most common way to enjoy the park is to grab a sandboard and slide down the slopes.
Visitors can also enjoy performances of a national-level intangible cultural heritage and watch local painters using their brushes and bold blocks of color to depict the desert landscape.
Tourists enjoy desert fun in Kashgar during National Day holiday
