In order to implement the spirit of the Central Economic Work Conference and the Political Bureau meeting of the Central Committee on April 25, expand the supply of service consumption, boost the demand for service consumption, and continue to do a good job in the "five major articles" of finance, on May 9, the People's Bank of China issued the "Notice on the Establishment of Matters Related to Service Consumption and Elderly Re-lending", establish service consumption and elderly re-lending, and encourage and guide financial institutions to increase financial support for key areas of service consumption such as accommodation, catering, culture, sports and entertainment, and education and other services.

The amount of service consumption and pension re-loan is 500 billion yuan, with an annual interest rate of 1.5%, a term of 1 year, and can be extended twice, with a maximum service life of no more than 3 years. The issuance targets include 21 national financial institutions, including the China Development Bank, policy banks, state-owned commercial banks, China Postal Savings Bank, joint-stock commercial banks, and five urban commercial banks (hereinafter referred to as 26 financial institutions) including Beijing Bank, Shanghai Bank, Jiangsu Bank, Nanjing Bank, and Ningbo Bank. The policy will be implemented until the end of 2027.

26 financial institutions independently decide whether to issue loans and loan issuance conditions based on the application of business entities and in accordance with the principle of self-bearing risks. For loans that meet the policy support areas, 26 financial institutions can apply for re-loans from the People's Bank of China on a quarterly basis at 100% of the loan principal and be responsible for the authenticity of the loan information submitted. According to the application submitted by financial institutions, the People's Bank of China issues re-lending to financial institutions in accordance with relevant policies and regulations, and strengthens post-verification and supervision and management.

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[Editor in charge: Xie Wei PF123]