China Officials Vow More Credit and Fiscal Support for Service Consumption

Chinese economic policymakers signalled a coordinated push to shore up domestic demand, saying they will channel more financial resources into the country’s service-consumption sector. An official at the People’s Bank of China said the central bank will guide lenders and insurers to expand credit and improve insurance coverage for service-oriented businesses, while also simplifying approval procedures for consumer loans. Separately, the Ministry of Commerce said promoting service consumption would help expand domestic demand and create jobs. Vice and Deputy Finance Ministers echoed the message, describing household spending as a key driver of growth and pledging fiscal measures to support it. The statements underscore Beijing’s effort to revive momentum in a slowing economy by shifting policy support toward services and household consumption, complementing earlier stimulus aimed at manufacturing and infrastructure.