The Ministry of Commerce, the People's Bank of China, and the State Administration for Financial Regulation jointly issued the "Notice on Strengthening the Coordination between Commerce and Finance and Boosting Consumption with Greater Efforts"

The Central Committee of the Communist Party of China and the State Council attach great importance to boosting consumption. The recently held Central Economic Work Conference clearly required that "financial institutions should be guided to increase support for expanding domestic demand". In order to implement relevant decision-making arrangements, the Ministry of Commerce, the People's Bank of China, and the State Administration of Financial Regulation jointly issued the "Notice on Strengthening the Coordination between Commerce and Finance to Boost Consumption to a Greater extent" (hereinafter referred to as the "Notice"), guiding local commerce authorities, branches of the People's Bank of China, regulatory bureaus of the State Administration of Financial Regulation, and financial institutions to strengthen coordination and cooperation, focus on key areas of consumption to increase support, and form a greater working force to boost and expand consumption.

The Notice proposes 11 policy measures in three aspects, focusing on key areas such as commodity consumption, service consumption, new consumption, consumption scenarios, and consumption assistance, as well as key links such as strengthening mechanisms, implementing measures, and promoting synergy. One is to deepen system collaboration. Guide local relevant departments to establish and improve coordination mechanisms, strengthen regular communication and exchange, refine support measures, and enhance the coordination and cooperation of fiscal, commercial, and financial policies. The second is to increase financial support. Enrich and improve financial products and services, strengthen scenario integration and ecological integration, enhance adaptability to the consumption field, help upgrade commodity consumption, expand service consumption, cultivate new types of consumption, innovate diversified consumption scenarios, and do a good job in consumer assistance. The third is to expand docking and cooperation. Encourage joint activities to promote consumption, expand various forms of information sharing, do a good job in publicity, guidance and promotion, enhance the sense of gain for business entities and consumers, and promote the implementation and effectiveness of various policy measures. The notice emphasizes the need to strengthen collaboration and cooperation, and to ensure policy coordination, work integration, and complementary advantages between departments; To ensure effective implementation, encourage relevant departments and financial institutions in various regions to refine and improve financial support measures based on actual conditions, and stimulate consumption potential; We need to strengthen tracking and guidance, share progress in a timely manner, and summarize and promote typical experience and practices.

Next, the Ministry of Commerce will work together with the People's Bank of China and the State Administration for Financial Regulation to fully utilize channels and platforms in both commerce and finance, jointly promote policy promotion and interpretation, push for the implementation and refinement of relevant support measures, and provide greater support for benefiting people's livelihoods and boosting consumption.