National Financial Regulatory AdministrationA notice was issued requiring Financial Institutions to develop consumer finance to help boost consumption. The heads of relevant departments responded to reporters' questions regarding the content of the notice.

First, increase the supply of consumer finance. Financial Institutions should focus on expanding commodity consumption, developing service consumption, and cultivating new types of consumption, enriching and improving financial products and services. Tailor financial products for new consumption scenarios such as digital, green, and Asia Vets to better meet personalized and diversified financial needs, continuously strengthen digital empowerment, and enhance the adaptability and convenience of consumer finance services. Increase credit allocation to wholesale and retail, Lodging, Dining, cultural tourism, Education, and Retirement sectors to support the healthy development of consumer supply entities.

Second, optimize consumer finance management. Encourage Banks to increase personal consumer loan issuance while keeping risks controllable, reasonably set loan limits, duration, and interest rates, and optimize resource allocation. Improve due diligence exemption requirements for personal consumer loans. Explore the possibility of online account opening and activation of credit card services under the premise of effective identity verification and risk management.

Third, carry out personal consumer loan relief. Banking Financial Institutions may reasonably agree on the repayment period and frequency for borrowers who are temporarily in difficulty, based on borrowers' credit records and repayment guarantees. Provide renewal loan support for qualifying borrowers based on their applications and after passing the review.

Fourth, optimize the consumer finance environment. Banking Financial Institutions should standardize the terms of consumer loan contracts, clearly indicating the final comprehensive financing costs. Utilize financial product inquiry platforms and financial consumer protection service platforms to facilitate consumer inquiries and usage. Promote payment convenience in consumption scenarios to meet the payment service needs of groups such as elderly people and foreign visitors to China. Improve the diversified resolution mechanism for financial consumer disputes to appropriately resolve consumer finance disputes. Strengthen the joint punishment and crackdown on behaviors that disrupt market order and infringe on financial consumer rights.