China pledges more financial support for consumption with interest rate subsidy

From channelnewsasia.com

China's plan to subsidise some interest on loans aims to ensure households and businesses have more financial resources to reduce credit costs as Beijing looks to boost consumption, China's Vice Finance Minister Liao Min said on Wednesday (Aug 13). The policy will help increase consumption's contribution to the country's economic development, Liao said at a press conference. "It will support domestic consumption to become a major drive force of the national economy," he said. On Tuesday, China announced it would offer interest subsidies for businesses in eight consumer service sectors, as well as for individual ... (full story)