China to continue consumption push with loan interest subsidies
PBoC says plan aligns with government policy to increase consumer spending
China will subsidise interest rates on personal loans in a bid to boost consumption, the country’s central bank has announced.
The People’s Bank of China jointly announced the measures on August 12, with the commerce ministry and the financial regulator. Speaking at a press conference today, PBoC official Che Shiyi said the subsidies would encourage banks to increase loans to consumers, and that this in turn was expected to boost business activity.
According to a release, the subsidies will shave
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