At present, the world is experiencing unprecedented changes, and the US has recently imposed additional tariffs on all its trading partners, which violates the legitimate rights and interests of all countries, seriously violates the rules of the World Trade Organization, and severely impacts the stability of the global economic order. Against this backdrop, comprehens expanding domestic demand and targeted solving the prominent contradictions and problems that restrict consumption, and greatly boosting consumption, is not only conducive to better meeting the people's needs a better life and improving people's living standards, but also to better play the basic role of consumption in economic development, strengthen the domestic circulation, accelerate the construction of a new pattern, and better resist external risk shocks. Consumer credit, as an important bridge connecting financial services and residents' consumption, is an important financial product to boost consumption and expand domestic demand Digital finance has the characteristics of wide coverage, low cost, and high efficiency, and can significantly improve the quality and coverage of consumer credit, better meet the diverse consumption needs of the, and is of great significance for stimulating domestic demand potential.

The first volume of "Selected Economic Writings of Xi Jinping" (hereinafter referred to "Selected Writings") contains many works that profoundly expound on expanding consumption and developing digital finance. For example, "Grasp the New Development Stage, Implement the Development Concept, and Build a New Development Pattern" points out: "Accelerate the cultivation of a complete system of domestic demand, strengthen demand-side management, expand residents', and improve the level of consumption"; "Serve the Real Economy and Prevent Financial Risks" points out: "We should be rooted in serving the real economy innovate in finance to meet the needs of consumers and investors"; "Walk on the Road of Financial Development with Chinese Characteristics" points out: "In the new era new journey, financial work should stand firm on the people's position, enhance the diversity, inclusiveness, and accessibility of services, and better protect the rights and interests of consumers"; and so on. In-depth study of "Selected Writings", doing a good job in the big article of digital finance, and helping consumer credit to quality and expand coverage, is not only a concrete manifestation of a profound understanding of the people's nature of financial work, but also an inevitable requirement for releasing domestic demand potential and the construction of a new development pattern.

Consumer credit is an important force to promote consumption.
Guided by Xi Jinping's economic thoughts, recent years, various regions and departments have resolutely implemented the strategy of expanding domestic demand and introduced a series of targeted and combined policy measures around expanding domestic demand, which has promoted consumption increasingly become a fundamental force driving economic growth. In 2024, China's consumer market continued to expand in size, with the total retail sales of consumer goods 48 trillion yuan, an increase of 3.5% over the previous year, and the final consumption expenditure contributed 2.2 percentage points to the increase of Gross Domestic Product, accounting for 44.5% of the economic growth; in the first quarter of 2025, the total retail sales of consumer goods increased by4.6% year-on-year, 1.1 percentage points faster than the whole year of the previous year.
In this process, the Party and the have introduced a number of policies to support the development of consumer credit business, improve the accessibility of consumer credit, and promote consumer credit to become an important force to promote the growth consumption. In particular, since the beginning of this year, the "Action Plan for Boosting Consumption" has been issued, which clearly proposes to "strengthen credit support Encourage financial institutions to increase the issuance of personal consumer loans under the premise of risk control, and set the amount, term, and interest rate of consumer loans reasonably."etary policy and fiscal policy have also worked together to promote the growth of consumer credit demand. For example, the People's Bank of China has released long-term liquidity through measures as reducing the reserve requirement and interest rate, guided financial institutions to increase the scale of loanable funds, reduced the cost of funds, and enabled financial institutions to have more ample funds granting consumer credit, and provided them to consumers at a more preferential interest rate; relevant departments have launched a number of policy tools to encourage financial institutions to increase credit issuance the field of automobiles, home appliances, and other fields, and to provide directional support for the consumer credit industry; the financial department has reduced the cost of credit for consumers and financing cost for merchants through financial discounting, issuing consumer vouchers, etc., stimulating consumption growth and driving the demand for consumer credit in related industries.
At the same, we need to realize that compared with other countries, the proportion of consumer credit in China is still relatively low, and there is a large space for the growth of consumer credit. development of China's consumer credit market is also facing some contradictions and problems. For example, the social credit system is not yet sound, the transparency of information is not enough resulting in the insufficient release of consumer credit demand for some groups; credit products are standardized and homogeneous, which makes it difficult to match customer personalized and customized needs; the cost of credit services is high, and the difficulty of risk control is relatively large; and so on. These problems restrict the further development of the consumer credit market, and new tools and means needed to improve the quality and expand the coverage of consumer credit.