The recently issued "Special Action Plan to Boost Consumption" proposes to strengthen credit support. Encourage financial institutions to increase their investment in personal consumer loans under the premise of controllable risks, and reasonably set the amount, term, and interest rate of consumer loans. Support financial institutions to optimize the repayment methods of personal consumption loans in accordance with the principles of marketization and rule of law, and carry out loan renewal work in an orderly manner. What role does consumer credit and other financial services play in benefiting people's livelihoods and promoting consumption? How to better meet the financial needs of the consumer sector, enhance consumers' sense of gain and satisfaction? The reporter conducted an interview. The rapid growth of business has promoted the consumption growth of new energy vehicles, green home appliances and other products. The brand has cooperated with banks to launch customized home decoration consumption credit solutions. In a furniture city in Pudong New Area, Shanghai, a certain home decoration brand's credit discount plan has attracted many consumers. The staff introduced policies such as trade in and consumer credit services, allowing consumers to feel the benefits of "real money and silver". Recently, many customers have placed orders. In recent years, consumer credit business has grown rapidly, continuously meeting the needs of consumers for a better life. For example, according to the annual report data of Bank of Communications, the balance of personal consumption loans at the end of 2024 increased by 90.44% year-on-year. At the same time, consumer credit and other services have reduced the economic pressure on consumers to make large purchases, playing a positive role in boosting consumption willingness and expanding consumption demand. The relevant person in charge of Bank of China said that the use of consumer credit is mainly concentrated in durable goods consumption such as home appliances, home decoration, automobiles, daily consumption such as catering and shopping, as well as cultural tourism, medical and health fields. The consumption growth in fields such as new energy vehicles and green home appliances is significant. From the perspective of customer groups, the demand for consumer credit is growing rapidly among new citizens, young people, small and micro business owners, and rural residents, with a relatively high proportion of customers aged 25-45. In addition, industry insiders have stated that scenarios such as online installment payments are developing rapidly, and the demand for consumer finance in areas such as smart homes and cultural services is accelerating. Related studies have shown that the contribution rate of consumer finance services to the total retail sales of consumer goods in society continues to increase. Especially in the field of bulk durable consumer goods, the effect of consumer credit on stimulating consumption is more pronounced Zeng Gang, Director and Chief Expert of Shanghai Finance and Development Laboratory, said. The data accumulated from consumer finance services plays a valuable role in promoting consumption. Industry insiders explain that when purchasing products such as air conditioners on e-commerce platforms, consumers expect a seamless user experience. In this regard, e-commerce platforms evaluate consumer credit through data accumulated through consumption installment tools, and can first ship and install new air conditioners for consumers, and then recycle old air conditioners. This effectively improves the experience of exchanging old for new consumption and the operational efficiency of merchants, which helps to better unleash consumer demand. The scale of the consumer finance market continues to expand, and the supply system is constantly improving. Currently, commercial banks are the main suppliers of China's consumer finance market, and consumer finance companies focus on providing inclusive credit products and services, gradually forming a multi-level consumer finance service system and becoming an important driving force for benefiting people's livelihoods and promoting consumption, "said Dong Ximiao, the chief researcher of the China Merchants Association. Carrying out personal consumption loan relief, stabilizing personal expectations, and optimizing the financial ecosystem. With the increase in consumer loan investment, the importance of ensuring loan quality has become more prominent. It is understood that the overdue and non-performing loan rates of some financial institutions' personal consumer loans have increased. Industry insiders say that there are multiple reasons that lead to difficulties in consumer repayment and an increase in non-performing loan rates. Some consumers experience income fluctuations, which affect timely repayment; There are also consumers with excessive debt and overconsumption. At the same time, some consumer credit products are designed unreasonably and have high implicit fees, which may cause disputes for borrowers facing unexpected repayments; Some financial institutions have not fully evaluated the borrower's repayment ability in their partial credit allocation, which may become non-performing loans. Not long ago, the State Administration for Financial Regulation issued a notice requiring financial institutions to develop consumer finance to help boost consumption. Carry out personal consumption loan relief. Banking and financial institutions can reasonably agree on the loan repayment period and frequency for borrowers who temporarily encounter difficulties based on their credit records and repayment guarantees. According to the borrower's application, after passing the review, we will provide loan renewal support to eligible borrowers. The relevant person in charge of Bank of China said that the relief of personal consumption loans will help alleviate the repayment pressure of some consumers, stabilize personal expectations, and promote the stable operation of financial institutions in the short term; In the long run, it will help optimize the financial ecosystem and play a positive role in consolidating the positive trend of economic recovery. Zeng Gang said that for financial institutions, relief measures can help reduce the non-performing loan ratio of consumer credit, alleviate the pressure on asset quality of financial institutions, and improve the stability and sustainability of the financial system. "In the future, we should further improve relief policies and strengthen financial supervision. Banks should optimize credit product design, accurately identify and serve consumers with good credit but temporary difficulties. Consumers should establish a rational consumption concept and prevent excessive debt risks." Experts suggest that in order to better meet consumer needs, efforts can be made in optimizing product design, providing convenient services, etc., covering more consumption scenarios, and better meeting long-term and large-scale consumption needs. Recently, some banks have temporarily increased the maximum amount of self payment for personal consumption loans for customers with good credit and large consumption needs. The maximum amount of personal Internet consumption loans was raised to 300000 yuan in stages. In terms of term, some commercial banks will extend the loan term for personal consumption in stages. Industry insiders say that this is beneficial for residents to plan their funds more flexibly, better meet the demand for large durable goods consumption, and further unleash consumption potential. Relevant financial institutions should effectively enhance their risk assessment capabilities, target consumer credit more accurately to people with real and reasonable consumption needs, set loan interest rates reasonably, and better unleash policy dividends. Currently, policies promoting the trade in of consumer goods have achieved positive results. Dong Ximiao said that it is possible to promote the organic integration of consumer credit products and trade in products, actively expand payment channels, and promote e-commerce platforms to visually display the prices of goods after national subsidies, thereby enhancing their attractiveness to consumers. Intensify the application of financial technology to enhance consumer experience. Promote financial institutions to accelerate their digital transformation, actively utilize technologies such as big data, cloud computing, and artificial intelligence, and build a consumer finance service system that covers both online and offline, links various financial institutions, and connects various consumer scenarios and consumers. This will further reduce loan costs, improve the accessibility of consumer credit, and enhance consumer satisfaction, "said a person in charge of the Chongqing Financial Regulatory Bureau. Xiao Wenjie, CEO of Lexin Group, said that financial institutions can further explore the application of big models in risk management, refined operations, and other aspects, improve the refined operation system, continuously strengthen differentiated quotas and pricing, and meet the diversified and full lifecycle consumer financial service needs of users. (New Society)